| VAT newbie. [message #379999] |
Mi, 12 April 2006 16:19 |
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Post removed (X-No-Archive: yes)
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| Re: VAT newbie. [message #380006 ] |
Mi, 12 April 2006 18:00 |
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127.0.0.1 [at] 127.0.0.1 wrote:
> X-No-Archive: yes
>
> Recently registered for VAT but I should I have registred about 18 months
> ago.
> VAT office were ok about it and backdated it 2 years.
>
> I was advertising with overture and they were charging me VAT at 17.5%. Can
> I go back and
> reclaim the VAT I paid (since my VAT number starts April 2004) ? If so who
> do I claim it from,
> over ture or the VAT office ?
>
> cheers
"About 18 months" isn't close enough. Go back and list your turnover
(borrow somebody's Excel because this is a *very* tedious thing to do
by hand) month by month, and find when the rolling 12 month total of
Sales exceeded the rolling VAT threshold. There will be a few
invoices/payments (which are you going to use?) near the months'
begininnings and ends. Jiggling these about will bring registration
*much* closer to now.
Forget about your inputs for the time being. Missing your VAT
registration is serious and, quite apart from the 15% or 17.5% VAT due,
carries interest and penalties.
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| Re: VAT newbie. [message #380007 ] |
Mi, 12 April 2006 18:09 |
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Troy Steadman wrote:
> 127.0.0.1 [at] 127.0.0.1 wrote:
> > X-No-Archive: yes
> >
> > Recently registered for VAT but I should I have registred about 18 months
> > ago.
> > VAT office were ok about it and backdated it 2 years.
This is just amazing. What line of busness are you in?
> > I was advertising with overture and they were charging me VAT at 17.5%. Can
> > I go back and
> > reclaim the VAT I paid (since my VAT number starts April 2004) ? If so who
> > do I claim it from,
> > over ture or the VAT office ?
> >
> > cheers
>
> "About 18 months" isn't close enough. Go back and list your turnover
> (borrow somebody's Excel because this is a *very* tedious thing to do
> by hand) month by month, and find when the rolling 12 month total of
> Sales exceeded the rolling VAT threshold. There will be a few
> invoices/payments (which are you going to use?) near the months'
> begininnings and ends. Jiggling these about will bring registration
> *much* closer to now.
You become registered on the first day of the next but one month
following the one in which you exceeded the threshold.
> Forget about your inputs for the time being. Missing your VAT
> registration is serious and, quite apart from the 15% or 17.5% VAT due,
> carries interest and penalties.
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| Re: VAT newbie. [message #380013 ] |
Mi, 12 April 2006 19:28 |
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Troy Steadman wrote:
> Troy Steadman wrote:
> > 127.0.0.1 [at] 127.0.0.1 wrote:
> > > X-No-Archive: yes
> > >
> > > Recently registered for VAT but I should I have registred about 18 mo=
nths
> > > ago.
> > > VAT office were ok about it and backdated it 2 years.
>
> This is just amazing. What line of busness are you in?
>
> > > I was advertising with overture and they were charging me VAT at 17.5=
%=2E Can
> > > I go back and
> > > reclaim the VAT I paid (since my VAT number starts April 2004) ? If s=
o who
> > > do I claim it from,
> > > over ture or the VAT office ?
> > >
> > > cheers
> >
> > "About 18 months" isn't close enough. Go back and list your turnover
> > (borrow somebody's Excel because this is a *very* tedious thing to do
> > by hand) month by month, and find when the rolling 12 month total of
> > Sales exceeded the rolling VAT threshold. There will be a few
> > invoices/payments (which are you going to use?) near the months'
> > begininnings and ends. Jiggling these about will bring registration
> > *much* closer to now.
>
> You become registered on the first day of the next but one month
> following the one in which you exceeded the threshold.
>
> > Forget about your inputs for the time being. Missing your VAT
> > registration is serious and, quite apart from the 15% or 17.5% VAT due,
> > carries interest and penalties.
I suppose this is a troll, and I'm the only person foolish enough to
have fallen for it. Anyway, just in case it isn't, for the *ultimate*
newbie in VAT - respect to you sir! - here is what will happen:
1) You owe VAT on every invoice you have issued during those 2 years.
2) If you trade with VAT registered people, and you haven't pissed them
off too much, they *might* pay the VAT for you. Otherwise 17.5% of
100k+ say =A320,000 you owe.
3) ...plus interest and penalties.
4) Your accounts and tax returns are wrong and may need to be
resubmitted.
5) You have 8 VAT Returns to prepare.
..=2E.and to answer your original question...
6) Reclaim VAT on your Advertising on the VAT return.
Get yourself a Chartered Accountant, because you needed one two years
ago, and you certainly need one now :(
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| Re: VAT newbie. [message #380113 ] |
Sa, 15 April 2006 08:32 |
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On 12 Apr 2006 10:28:25 -0700, "Troy Steadman"
<troysteadman [at] yahoo.co.uk> wrote:
>5) You have 8 VAT Returns to prepare.
>...and to answer your original question...
Actually it will only be one, but it will cover the whole of the
backdated period.
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| Re: VAT newbie. [message #380170 ] |
Sa, 15 April 2006 15:57 |
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Troy Steadman wrote:
> Troy Steadman wrote:
> > Troy Steadman wrote:
> > > 127.0.0.1 [at] 127.0.0.1 wrote:
> > > > X-No-Archive: yes
> > > >
> > > > Recently registered for VAT but I should I have registred about 18 =
months
> > > > ago.
> > > > VAT office were ok about it and backdated it 2 years.
> >
> > This is just amazing. What line of busness are you in?
> >
> > > > I was advertising with overture and they were charging me VAT at 17=
..5%. Can
> > > > I go back and
> > > > reclaim the VAT I paid (since my VAT number starts April 2004) ? If=
so who
> > > > do I claim it from,
> > > > over ture or the VAT office ?
> > > >
> > > > cheers
> > >
> > > "About 18 months" isn't close enough. Go back and list your turnover
> > > (borrow somebody's Excel because this is a *very* tedious thing to do
> > > by hand) month by month, and find when the rolling 12 month total of
> > > Sales exceeded the rolling VAT threshold. There will be a few
> > > invoices/payments (which are you going to use?) near the months'
> > > begininnings and ends. Jiggling these about will bring registration
> > > *much* closer to now.
> >
> > You become registered on the first day of the next but one month
> > following the one in which you exceeded the threshold.
> >
> > > Forget about your inputs for the time being. Missing your VAT
> > > registration is serious and, quite apart from the 15% or 17.5% VAT du=
e,
> > > carries interest and penalties.
>
> I suppose this is a troll, and I'm the only person foolish enough to
> have fallen for it. Anyway, just in case it isn't, for the *ultimate*
> newbie in VAT - respect to you sir! - here is what will happen:
>
> 1) You owe VAT on every invoice you have issued during those 2 years.
> 2) If you trade with VAT registered people, and you haven't pissed them
> off too much, they *might* pay the VAT for you. Otherwise 17.5% of
> 100k+ say =A320,000 you owe.
Why not 6% flat rate on turnover?
(just curious as I don't know much about it but need to soon!)
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