VAT Inspection - what to expect?
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  1. #11

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    Quote Originally Posted by TheCyclingProgrammer View Post
    You should probably have receipts for other, non-VAT purposes (to support out of pocket expense claims and any other tax deductible company expenditure) but I would imagine the VAT man isn't interested if you aren't reclaiming the VAT.
    I of course have all those receipts, but was wondering whether VAT man would want to see them as that would seem a bit of a fishing trip.
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  2. #12

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    Quote Originally Posted by CloudWalker View Post
    I was expecting the Spanish Inquisition...
    Nobody expects the Spanish Inquisition!

  3. #13

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    Quote Originally Posted by Clare@InTouch View Post
    Nobody expects the Spanish Inquisition!
    They don't expect the VAT Man to ask to see your contracts either... Doesn't mean they won't.
    Blog? What blog...?

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    Had one once, he spent 20 mins looking at sheets and receipts, said "That's all fine" and left. At least VAT is fairly simple and it's hard to make major errors.
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    Quote Originally Posted by xoggoth View Post
    Had one once, he spent 20 mins looking at sheets and receipts, said "That's all fine" and left. At least VAT is fairly simple and it's hard to make major errors.
    If you believe that you've never asked an accountant...
    merely at clientco for the entertainment

  6. #16

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    Quote Originally Posted by eek View Post
    If you believe that you've never asked an accountant...
    Absolutely.

    It's common for people to make errors on FRS if they do it themselves as they often assume you take the flat rate from the net invoice value rather than the gross. Or take the 1% discount from the date they join the scheme rather than the date of VAT registration.

    If you're standard rated there's a whole host of things that can go wrong. Claiming VAT on non-VATable items like insurance and use of home, claiming foreign VAT, not declaring VAT on certain sales, not knowing the rules for overseas items, place of supply rules, recharges, bad debts etc. VAT can be surprisingly complex.

  7. #17

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    Cheers
    I shouted HELP my accountant, pcg and a mate whos been in HMRC for years.

    Accountant will be on end of the phone during the visit.

    I read on one site they only go back 4 years though accountant says they need to know the period being investigated so they can provide the calculations for the vat amounts.

    Accountant is SJD so hopefully their size will inspire confidence.

    And I can claim off pcg plus for the day as they'll be visiting my home address.

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    Quote Originally Posted by clearbrian View Post
    Cheers
    I shouted HELP my accountant, pcg and a mate whos been in HMRC for years.

    Accountant will be on end of the phone during the visit.

    I read on one site they only go back 4 years though accountant says they need to know the period being investigated so they can provide the calculations for the vat amounts.

    Accountant is SJD so hopefully their size will inspire confidence.

    And I can claim off pcg plus for the day as they'll be visiting my home address.
    Sounds well sorted then.

    My experience (limited only 2 inspections over 20 years) is that the whole inspection thing is pretty painless even if not on the flat rate scheme so long as your records are reasonably good.

  9. #19

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    Quote Originally Posted by Clare@InTouch View Post
    Absolutely.

    It's common for people to make errors on FRS if they do it themselves as they often assume you take the flat rate from the net invoice value rather than the gross. Or take the 1% discount from the date they join the scheme rather than the date of VAT registration.

    If you're standard rated there's a whole host of things that can go wrong. Claiming VAT on non-VATable items like insurance and use of home, claiming foreign VAT, not declaring VAT on certain sales, not knowing the rules for overseas items, place of supply rules, recharges, bad debts etc. VAT can be surprisingly complex.
    It was the online submission that caused me all sorts of headaches. It was the main reason I moved to FreeAgent and the subscription is worth every penny.

  10. #20

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    Quote Originally Posted by cojak View Post
    It was the online submission that caused me all sorts of headaches. It was the main reason I moved to FreeAgent and the subscription is worth every penny.
    That seems more expensive than using Sage Instant ....

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