Kat didn't pay vat

[AtW]

You mean you don't know your financial position daily if you turn over > £2M no wonder so many companies go bust.

You sound as if you are the guy running one of them

There are 3 different VAT thingies -
1. Normal VAT
2. EC Sales report
3. One Mini One Stop Shop

All have different deadlines

Also, I know our financial position without knowing about VAT details - it’s solid.

[vetran]

You sound as if you are the guy running one of them

There are 3 different VAT thingies -
1. Normal VAT
2. EC Sales report
3. One Mini One Stop Shop

All have different deadlines

Also, I know our financial position without knowing about VAT details - it’s solid.

well as I mentioned vat100 I mean normal vat, but there is no reason why you can't pay on account for 1&3 2 requires no payment so is obviously excluded.

but

You’ll have to send your EC List monthly if…

• The value of your goods is over the £35,000 threshold in the current or previous 4 quarters.
• The goods or supplies you provide require you to send monthly lists.

For many businesses VAT is an important part of their financial situation and 'good' is not knowing your financial situation if you have significant expenses.

Currently you pay 'normal' vat quarterly which means you can default for 2-3 quarters before HMRC get nasty =9 months assuming you are paying £50k a month (£2m turnover) that is £450k owed by the third quarter. If you do it monthly on account then you can limit that to £100k outstanding if HMRC start getting involved after 2 missed quarters.

[AtW]

well as I mentioned vat100 I mean normal vat, but there is no reason why you can't pay on account for 1&3 2 requires no payment so is obviously excluded. .

Payment on account for each of EU members?

2 requires submitting and you won’t get it without doing all VAT related work, shortest deadline is 3 weeks. Doong it every month - fook that.

If business does not pay VAT it’s fooked anyway, litigation is the slowest part and bankrupt business is bankrupt.

[vetran]

Payment on account for each of EU members?

2 requires submitting and you won’t get it without doing all VAT related work, shortest deadline is 3 weeks. Doong it every month - fook that.

If business does not pay VAT it’s fooked anyway, litigation is the slowest part and bankrupt business is bankrupt.

If HMRC want it then the accountancy tools will make it simple.

"Pay on account" so average your quarter and estimate how much to pay. Roll up at end of quarter. It is not that complicated. If you start underpaying HMRC may ask for details.


If you are using one stop shop you only pay HMRC it is sort of the point

How the VAT MOSS scheme works

VAT MOSS lets businesses register and pay VAT to HMRC instead of having to register for VAT in up to 27 EU member states.
There are 2 types of scheme:

• Union VAT MOSS - for businesses based in the UK and EU
• Non-Union VAT MOSS - for businesses based outside the UK and EU

But if we severely limit the amount of VAT outstanding the risk to the treasury is much reduced. Remember VAT is the governments money that you collect for them.

[OwlHoot]

That's where the expression "living on a shoestring" came from: Debtors in Exeter Debtor's prison (which was one of the huge Saxon gatehouses in the city wall) would lower a shoe on a string to beg for contributions from passers by.

<Michael Caine>
Notta lotta people know that
</Michael Caine>