[Barber]

Originally Posted by lancelot link

There are no winners on here when it comes to VAT.

Obviously , the price goes up .... not ideal for buyer or seller.
A raised price on the product in no way means Tribute are profiting from that ....potentially the opposite in reality ...

For Tribute , it also means a load of extra paperwork and aggro ...the thankless and unpaid task of collecting revenue for HMRC is very annoying . I , thankfully , get nowhere near it nowadays , but a few years back , when I registered late and got fined for that as well as having to settle a VAT bill that I hadn't charged the customers for ..it nearly finished me .... HMRC said , go back to each customer and ask for the VAT !!
It was 15% then and my average sale was about £300 ...so at a new figure of £345 , I made myself uncompetitive in a market of sellers who were non VAT registered ..

I seem to remember a system where I could charge 5% at the time on a sale , something to do with profit rather than turnover or something ...I may remember that wrong ...but I'm guessing that old 5% deal is the 8% Chris is referring to ...

There are various simplified schemas for different business sectors. The "net" basis described above pretty much covers it.