I'm DeRegistering VAT
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- čas přidán 1. 06. 2024
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This video is for entertainment purposes only and is in no way intended as a guide or 'how to'. - Zábava
Tradify link free trial for 14 days
bit.ly/4e3wp2P
You need 2 companies
1 vat and 1 not
Spreads the quotes and makes it fair for smaller clients 🎉
Morning Nick, looking well after your holiday. Good mix of videos at the moment, the vlog, the jobs and some of your “experiments” in the unit.
Keep them coming.
One trick I've heard of for bringing yourself under the VAT turnover limit is to get the customer to buy the materials. That way it keeps them off of your books.
But buying materials is a great earner
Massive respect to your dad for being a blood biker. Sure he'd be super proud of you for what you're doing. Loved the vid
Thanks dude
NIck, thanks for sharing your Dad's helmet with us. I'm sure it's very special to you and it was hella cool. Cheers mate.
I’m glad you had a good holiday
Nick you can use your accountants address as your business address if you want, keeps it off companies house
or there are companies that will offer an address as a registered address (and optionally virtual offices), for a fee of course.
Great vlog video and respect to your dad being a blood biker. What touring bike are you getting??? Gonna do a Nargy and do a motorcycle vlog also???
Good to see you’re well 😊
Lol 😂 how on earth have I never noticed the white hair lol glad you had some good time off and so neat and today as always
Your dad would be so proud of you enjoyed your video keep doing what you do its great to watch
Thank you so much
VAT threshold is currently £90k not £65k?? It's not been as low as 65k for a few years now...
It's £85k i think but I assumed he meant the profit he makes from the turnover.
I was terrified of going VAT before I had too. Now I don’t mind it, gives the client a bit more reassurance about the company they’ve hired and prices you above the time wasting clients.
I get it, I run a business alongside my CZcams 85k channel.
There is me plus my employee, that works in the garden/lawncare business
As time goes I'm starting to focus more and more on the videos than we do actually gardening.
I'm below the VAT, but you need to keep a close eye on it. It limits jobs we can do, I won't take on work where I need to buy lots of materials as very quickly that could push you over
It will be interesting seeing how you get on, great video as ever
Another great video I stopped drinking monster after I found out what went into it. The good thing was I list a lot of weight not drinking all that sugar
I’ve also decided to buy a bike, 28 years away from the saddle… my wife said she’d buy it for me, I said in that case I’ll volunteer as a blood biker! Respect to your late dad!
Nick I like what ever you do electrical or whatever I like the content you produce
I don't think the colour change will be an issue as they usually require a quick on/off/on to switch and I presume the sensor has a timing circuit in it to maintain the on signal for x seconds after movement detected which will be beyond that short range to change the colour temperature.
Mate . good call on the motor bike. you will really relax on it. GREAT for you and even better for mentle health. it helpes me clear my head . fellow spark on my cb500x.
Hi Nic,
I have de registered, last year. On rewires i order materials on cash sale and get customers to pay wholesalers by card. Also customers pay eub contractors direct.
Commercial work i work day rate and open them an account so they get the vat back on materials.
Turnover down profits up.🎉
Get your customers to buy the materials. Yes, you aren't going to be able to make a bit extra on the markup but then you have £90k to play with which will be just labour ( and your running costs)
The VAT thing I get, but, bringing turnover below the limit, severely restricts the profitabilty? The practical turnover for typical businesses would be 360 a day, for a 5 day week. £360 would be the electricians time and the parts. My business had a very large turnover, but the usual modest profit. I could not function without exceeding the turnover limit, and make enough real income? I guess your accountant is the only person to trust. The other thing is that the 90 grand is a rolling period, so to make sure you stay under it will take real work. Two jobs where you have large expenditure at the wrong times could accidentally tip you over the limit?
“6 or 7 inches” 😂😂
Being VAT registered has it's pros and cons but I wish that I wasn't VAT registered. Owning a kitchen company, I don't really get a choice as after making 2 kitchens I already hit the yearly threshold.
Great VLog Nic. Good to the other side of thinge👌
I have purposefully sat on my arse doing nothing for a month to avoid going over the VAT threshold, it's an anti-business tax.
Does Tradify track your in and out number so good for end of year?
Hey Nick loving the content you push out I watch yourself and Adam’s videos and others on CZcams as TV is rubbish these days and there’s more content on CZcams 😁 I’m looking at going self employed as a Valeter & Detailer but my question is about Tradify is it a sort of software I could use for day to day use?
I appreciate that! Thanks dude
You should try it out mate. They have a free trial and many people find it to be a useful tool.
Nick which software package do you use? I went flat rate Vat registered 1st Jan this year. Using Xero has changed everything. So simple. VAT returns take minutes. Accounts always up to date. Great videos mate
Wait till the barber asks if you want your eyebrows trimming.
Big respect to your dad and all the lives he would have supported by urgent blood delivery.
Sometimes I take a pic of the front of the house and use that as a contacts pic for the customer.
I saw that one the sparky group the guy had been using in impact. I use armeg/CK cutters and they last forever
Nick just curious - why do you not like checkatrade?
I can’t ever see Adam’s eyebrows ever being untidy or suffering long strands! That lad 100% has his done weekly!!! 😂
Check the date stamp inside the helmet,they don't last forever
Monster is pretty awesome with community outreach. I work for a popular sports manufacturer and we had their guys just pass by and off load a bunch of white monster crates. Went to go and grab our social media guy so that he could post with them but they just said "nah it's alright have a nice day!" Then left.
Don't even drink the stuff but I bought a can that day😅
De vat registered years ago never looked back.
Got a z1000sx and I fit fine at 6,3, best bike ever had.
Got spare cash Don,t forget about a SIPP best thing I discovered for getting money for nothing.
Need a video on the VW I'd buzz cargo van, best thing ever for chucking money away.
M8. Your dad's Lid. Stick it back on the shelf and go buy yourself a New one.
Lids degrade with age (don't we all eh!).. so that old lid will give you as much protection as a cardboard box. So, "don't use it".
Anyway, good on ya mate - bike wise. Stay safe. 🏍👍
Yep five years life.
You don't need to have your address on Companies House, you can have your registered address as your accountant, or another formal address where you can be contacted.
I just went through the vat de reg thing .
It wasn't too hard. You just have to make sure you don't owe them even a penny.
Which software/app do you use for video editing please mate?
Da Vinci resolve mate 👍 I use the free version
What bike u getting pal? Where u based? I'm in notts a few of us go out touring 👍
How much you after for leathers mate
The vat threshold is 90k now Nick!
Cliffhanger waiting to see what bike you get… 😁
I bought a Triumph Street Triple last year after selling my GSXR 600 15 years ago for the same reason (young family) It’s even better 2nd time round ✊😆
What bike are you getting?
Regarding the bike leathers - I used to wear full bike kit (textile) including padded jacket, padded pants and bike boots riding a 125cc pass through scooter (Kymco Miler 125cc Scooter on L Plates with a CBT). I may've looked stupid, but I was safe. 6 weeks after buying the new scooter, I was involved in a hit in rear collision with a car at a roundabout junction and the bike rolled over onto my standing leg (I was stationary) and it was only because of the outerwear I had on that I didn't break my ankle and do damage to my shoulder. My helmet took the impact of my head hitting the curb stone as the bike rolled over and took me with it. So now when I see people riding bikes without the necessary kit, I curse them under my breath but also prey they aren't involved in a collision and suffer serious injury.
Seems like an accurate description of 6-7 inches... According to the Internet anyways.
Good stuff Sir Nick. What a cockeral on Insta. You've worked hard to get to where you are on YT. Nice to see the pic with your dad. Makes sense deregistering for VAT as on your own. The irony of a sh1teload of Monster when you're talking about losing weight. Lol. Time for a "Manscaped" sponsorship? 😀😃😄 Cheers
I also found out VAT in domestic just doesn’t work. And the quarterly returns they want become a real nightmare admin wise
13:55 wait until you get the nostril hairs 🤣🤣🤣
The VAT threshold is now £90000 per year from April 2024.
Small bunsiess as a tradesman-
Clients are nightmare,
Employees are a nightmare,
Suplliers are a nightmare,
Sicking to agency work or labour only sub contracting is same £ for less hassle
Or working in a warehouse or whatever will provide the same income as you get paid for ever hour worked + pension, sick pay & holidays...
I oddly have not been seeing you pop up in my recommendations for a few weeks. And I usually don't see the recommendations for the product videos. hmmmmm
Hi Nick, if you are no longer VAT registered, how are you going to be able to claim back capital expenses?
Can still put your expenses against profits but just won’t be able to claim back the vat he’s being charged on purchases.
VAT is a must esp with solar plus vans you sure you have this right?
I won’t be installing solar mate
Not my thing, just like to learn how it works
Hi Nick. Im converting my garage and need to run 8 x machines which are approx 5kW 20A each. So up to 160A. Can i get a 200A supply to my garage or would i have to get 3 phase?
you need to speak to your energy provider, you will need most likely a new supply fitted and they arrent cheap
Many people have that demand in cookers so will be fine when diversity is applied. I’m am presuming you will never be using all the machines at full load at once. 👍
Trying to buy a van ATM. And it's nightmare. Why are they all so overpriced and don't start me on the VAT issue 😂
I don't fully understand why being VAT registered would make you more expensive;
Either you're paying VAT on everything you buy (and not charging customers VAT),
or you're charging customers VAT but not paying it on things you buy.
Surely those should both balance out to the same bottom line?
Nice Video Nick
Like the vlog keep them up
How much u looking for for the leathers nick
£100 mate 👍
Great video
Nick, you're dad would be proud mate
not surprised you deregistered for VAT, as a sole trader domestic electrician it's much more advantageous to be non VAT, if you have at least 5 guys working for you t's probably better to be VAT reg
Keep the rubber side down when you get riding again fella 👍
Nick you shouldn't let trolls bother you. Literally just immediately block them and forget about them. A lot of those types of people are sad and pathetic who haven't accomplished anything in life. Just remember they're trolling you because they've got nothing else to do
Rather than go VAT if you earning to much take a chill and work one day a week less, you never going to get that time back later in life.
I honestly don’t understand why domestic trades seem to have such a fear of VAT?
You’re not saving anything from being non VAT registered as you’re paying more for your goods as you’re paying the VAT on them. And, whilst you may be able to invoice the customer less your net profitability is more and so your corporation tax will be more ( which is a higher rate than VAT)
As a consumer, I wouldn’t hire a trade that isn’t VAT registered. If you’re under the VAT revenue threshold it says to me that you’re either (a) not doing very much work each year - which sets off alarm bells. Or (b) Fiddling your taxes which I don’t want any part of.
I strongly suspect that the problem is not very good accountants giving bad advice to tradesmen.
I agree to an extent but I suppose being a youtuber he is a special case as he has another revenue stream through a separate corporate entity it doesn't necessarily make sense for him to be VAT registered, I myself don't see how it would be possible as just an electrician to not be VAT registered and have enough work to make a liveable wage, I hit the threshold within 8 months of trade as a one man band.
@@yougotsniperdI’m a decorator and for years was dancing around the vat threshold being a 1 man band. Went registered years ago and never looked back. Cannot see how a spark can operate non vat unless you’re an old boy working for beer tokens.
@@joebonthuysin my country (Belgium).. trades canot be non Vat. So evey trade small or big has to be vat registred. But on older houses you can have 6% vat in stead of 21%. We do have non vat for certain business.. but max turnover is 25k euro.
Most people would choose the cheapest quote from reputable tradesmen. And if your quote can immediately be 21% cheaper then it gives you a huge advantage. In my opinion vat should be scrapped entirely. We pay enough taxes without taxing every transfer of goods and services as well.
You're paying the same for materials. When you buy materials as a vat registered business you have to charge the vat to the customer. Either way the government gets the VAT. The only VAT savings that you get would be on tools, but this is a fraction of the total VAT you have to pay. I have to be VAT registered and my tools were all bought years ago so my deductable each quarter is very minimal. Just perishable tools like drill bits and blades etc
VAT now £90k, not 65k (12:40) ?
Can you tell Tradify that "Batman will turn up at your house" instead of "Nicky B"
The bad apple monster flavour is pretty bangin tbf, easy top 3 for me
You're spot on at the beginning, saw news about lady lost $15,000 cruise booking because she stupidly published booking reference number which someone then set up account and cancelled non-refundable booking few days before they due to travel! 😀
2:50 is that 16 pounds plus a kidney or 16 pounds including a kidney? one seems like a good deal one doesn't.
Can you post the link or model no for the pir sensor. Exactly what I need
just use your accountants address on companies house rather than your personal address!
Can you not switch your registered address to that of your accountant?
Could do mate yeah
You could but the old address will still show on companies house.
Welcome back to the biking world from an ex bloodbiker. If you want someone to join you on a ride, let me know.
Yeah man defo 🙌
Wait until you get hairs coming out of your earholes that long !
Go flat rate, charge 20% & pay 9% you keep the 11% ask your accountant if you haven’t heard about it. Obviously if vat stops you winning jobs then maybe vat isn’t for you.
Imagine asking for a picture with an electrician while on holiday the country’s fucked
10.30 don't drink those monster energy drinks then 😮
"About 264 cans of monster that'll last me a good couple of weeks " makes me question if my daily consumption is enough 🤣 how many do you have a day/week?
Interesting about the insurance. They must finally be catching onto those TikTokers.
Couldn’t agree more, re vat, I’ve de-registered it was a nightmare cost me 10k . The issue is that materials have gone up so it’s not hard to get to the threshold. Plus to keep up with the cost of living you have to earn more to get a reasonable life style . The system just hurts hard working small businesses. Yet million pound companies pay nothing . I agree it should be on profit not turnover . Keep up the great work
Rhys
You’ve beautifully illustrated the misunderstanding between VAT and Corporation Tax. Every big company like Amazon etc pays the VAT they collect and are re-funded the VAT they output. It’s Corporations Tax they avoid by zeroing their net profit by moving profits to parent companies in tax havens.
The VAT threshold being based of profit is a terrible idea.
No I haven’t I understand both . What I’m saying is , if my profit reaches the vat threshold then I earn enough to charge vat . As for the big companies the government need to clamp down on the loop holes they use. Your basically saying if I spent £70k on materials and £10k labour I should be vat registered. I therefore only earn 10k a year before I start to become. 20% more expensive . !
@@chrisryan3770 100% correct. As ever, I see from other comments posted in response to this video that the CZcams comments section is brimming with drivel from people who cannot even write properly. You should need a licence to post comments, to prove you are a fit and proper person who is worth listening to!
change your companies registered address to your accountants address - that's allowed. You can use mine if you don't have one she won't mind!
Got on ya about VAT, smart move 👍
Why?
I prefer the vlogs
You can’t go on holiday without your house being broken into, I’m so glad I’m no longer living in the UK
Depends where you are I could probably leave my door unlocked and not be an issue. My mum leaves her door unlocked all the time and bedroom window open it's a bungalow. We are in Suffolk hardly an issue break ins round here.
I like being vat registered, I feel you look a more professional outfit, plus you get plenty of vat back , so if over half your turn over was materials as you say then you should be laughing.
cash in hand works better :)
I de registered VAT 3 times, I hated being VAT registered, all your doing is collecting even more money for the government, plus your paying your accountants to do extra work ..all the time your getting nowt from it
Apart from schools, the NHS, police/fire service, paying for defence of the country etc. etc. I bet some who whinge about difficulty getting a GP appointment conveniently overlook that they've de-reg'd from VAT to avoid paying into the pot that pays for the NHS.
We're always looking for some free publicity if you feel like letting your followers know about us on your vlogs.
Delete your Facebook account - all known problems in life are immediately solved!
You’ll wish you hadn’t , the vat man will be after you thinking they are being done out of their revenue , ……..they’ll live with you to see why you’re allegedly doing less trade.
I understand the theory behind this, but I know longer have any employees so don’t need as much work any more
Anyone who isn’t VAT registered will never scale their business and be hugely successful. Revenue is limited, therefore net profit will be decreased. In turn your earnings will be low. But if you’re happy to just make a wage, then fair enough. But then again maybe you’d be as well as getting a job
Can’t even disagree with comment. When I started my business first thing I did went limited and charged vat. Now we install heat pumps no VAT on them so get all the perks of being vat registered and not charge the customer the vat. Plus we are full FCA for finance and again if you ain’t VAT registered not a chance of offering finance on work. People expect to pay vat these days
@@sammyb99 Good job on the gaining FCA license. That’s a task that some people will never realise the difficulty in achieving.
I'm self employed and stay below the VAT threshold. I made good money when I was younger so only need to work a few hours a week, but would never consider just working a staff job. Money isn't everything.
@@sdprycethat’s fair if your at different stage of life but he’s still young and a lot to make
Adult hair style :)
Not being VAT registered just eats in to your profit. When you buy goods you pay VAT on them and claim it back.
If you're not registered - you just pay VAT and don't get the money back.
wow paranoia. may as well not tell people u leave the house for work everyday this is why u fired an alarm & cameras in ur house 👍👍
Your poor wife....If you claim that finger measurement is 6 or 7 inches at 3;11 ha....