BigE
May 29 2003, 10:44 AM
When do you need to start worrying about keeping records for the VAT man and informing him of what you earn from mobile DJing.
Are you allowed to keep quiet upto a certain amount or are there other stipulations.
The Spindoctor
May 29 2003, 10:53 AM
Yes there is a set figure over which you have to declare and keep records etc, I think it was mentioned in one of Chris's post so a search might turn it up. Failing that hopefully Ian will be along to tell you exact figures.
Ian Stewart
May 29 2003, 11:05 AM
you have to register for VAT at £56,000 turn over (gross not profit) , which equals £1,076.92 per week.
this is for all your self employed activities, for example
1) you are a self employed plumber turning over £35,000
2) Your DJ activities turn over £25,000
this will give you a total turn over of £60,000, and so you must register for VAT, and add vat onto all of your bills.
i.e. you quote £150 for a wedding, you must either add VAT to that & charge the client
£150 x 17.5% = £26.25
Total fee £176.25
this could make you uncompetative in your area, or swallow the VAT your self
Net Fee £127.66
VAT £22.34
Total Fee = £150,
this will reduce you income in this case by the £22.34.
unless all of your gigs are to VAT registered companies, than avoid VAT.
In my experiances even breweries don't like paying plus VAT.
there is a way to avoid this, by spitting your activities, make one business a partnership with your partner, and the other as a sole trader. This way you can use 2 x £56,000
The Spindoctor
May 29 2003, 02:21 PM
See what did i say............... as always a fount of useful information.
BigE
May 30 2003, 06:52 AM
Thanks for that Ian, i was wondering what the situation was with me having a full time job and also starting up on the mobile scene but you have explained it fully for me.
Thanks again.
Ian Stewart
May 30 2003, 04:11 PM
You are welcome,
you will need to let the revenue know about your DJ activities, contact me (by Private message) & I'll let you have the correct forms etc.
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please
click here.