I am a vet, working as a locum. I have a limited company and have been using the FRS for a few years. I have fallen into the limited cost trader category. My turnover is circa £35k before VAT.
I have just applied to change to the annual VAT accounting scheme. My current plan is to just buy £1000 worth of books or equipment each year that I will use as part of the business and hence no longer fall into the limited cost trader category.
Is there a better alternative to this? Perhaps buying £1000 worth something veterinary related eg soft cat cages or collars from China that I could then sell for a small profit on ebay or Amazon? Or would that not work?
Please read VAT notice 733 para 4.6 “Relevant goods are goods that are used exclusively for the purposes of your business, but don’t include goods for resale, leasing, letting or hiring out if your main business activity doesn’t ordinarily consist of selling, leasing, letting or hiring out such goods;goods that you intend to re-sell or hire out, unless selling or hiring is your main business activity
goods for disposal such as promotional items, gifts or donations ; etc”