CORGI VAT saver

[Nostrum]

Anyone use it?

I'm sceptical as you have to input your customer details so I would be surprised if they didn't get an invite for corgi insurance through the post, but the chap on the phone said you can omit the details if you want.

They also skim 25% which is a fair chunk. Has anyone looked into what exactly is eligible for the 5% rate and how it is applied to an invoice? Surely there must be a way to do this yourself! even if you can't maximise it! you only need 75% to draw even.

last thing you'd want to happen is get shafted by the VAT man for money you've knocked off your customers bills.

 

[lame plumber]

get an accountant to explain it or ask the vatman, they do help at times

 

[woodsy]

Anyone use it?

I'm sceptical as you have to input your customer details so I would be surprised if they didn't get an invite for corgi insurance through the post, but the chap on the phone said you can omit the details if you want.

They also skim 25% which is a fair chunk. Has anyone looked into what exactly is eligible for the 5% rate and how it is applied to an invoice? Surely there must be a way to do this yourself! even if you can't maximise it! you only need 75% to draw even.

last thing you'd want to happen is get shafted by the VAT man for money you've knocked off your customers bills.

I used it a couple of times but to be honest, it just appears to to take 5% from what appears to be a very general input of information. I was /am very wary of the vat man and decided having spoken to my accountant who was abit non committal on it, that for the sake of approx. £60 quid that I wouldn't take the risk of a knock on the door and any back charges.

 

[Killy Bing]

Its just a 3rd party software which is supposed to make it "easier"

looky here

[DLMURL="http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&propertyType=document&id=HMCE_CL_000514#P172_16264"]HM Revenue & Customs[/DLMURL]

whats what it pulls its info on what can and cant have the reduced vat on.

nothing saying you can't split your invoice for the 5% and 20% but i would talk to your accountant on the best way to do it.

the accountants are probably more hesitant as you don't know if corgi has mucked up on a calculation somewhere along the lines.

imagine if you had been using it and charged 5% on a new boiler (which isn't covered) and the vat man wants his 15%.

corgi offer no guarantees nor is the software approved by the hmrc.....