Originally posted by TNA57
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Reply to: 20% SALES TAX received but NOT requested
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Previously on "20% SALES TAX received but NOT requested"
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Originally posted by SlipTheJab View PostReally not worth messing with the VAT man, i missed my payment deadline by one day last quarter (slipped my mind), only a day late and the first time this has happened in 5 years of contracting....
... a few days letter a stern letter from the VAT mob lands on my doorstep telling me I've been a naughty boy and if It happens again within the next 12 months I'll be hit with a 2% penalty (which will go up on each transgression), I made sure to pay this quarter as soon as my accountant calculated the amount due!
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Case closed.
Hi, ok thanks for the advice, will contact the agency and advise them. CASE CLOSED.
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Originally posted by Lost It View Post2% of that bill or 2% of the VAT within that tax period?
This is one reason I moved accountants. They sent a tax invoice to my wife's email address. Not mine. Wifey checks her email if and when she does an online shop... Could have been a very expensive mistake for me.
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Originally posted by ladymuck View PostMy goodness, you don't know your VAT liability or when it's due? I do all my own accounts to trial balance. I only have an accountant to do an annual sanity check, calculate CT and do the HMRC/CoHo returns. I would never hand over so much control to an accountant (no offense intended to accountants, btw)
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Originally posted by Lost It View Post2% of that bill or 2% of the VAT within that tax period?
This is one reason I moved accountants. They sent a tax invoice to my wife's email address. Not mine. Wifey checks her email if and when she does an online shop... Could have been a very expensive mistake for me.
Leave a comment:
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Originally posted by SlipTheJab View PostReally not worth messing with the VAT man, i missed my payment deadline by one day last quarter (slipped my mind), only a day late and the first time this has happened in 5 years of contracting....
... a few days letter a stern letter from the VAT mob lands on my doorstep telling me I've been a naughty boy and if It happens again within the next 12 months I'll be hit with a 2% penalty (which will go up on each transgression), I made sure to pay this quarter as soon as my accountant calculated the amount due!
This is one reason I moved accountants. They sent a tax invoice to my wife's email address. Not mine. Wifey checks her email if and when she does an online shop... Could have been a very expensive mistake for me.
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Originally posted by pr1 View Postdirect debit is your friend!
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Originally posted by SlipTheJab View PostReally not worth messing with the VAT man, i missed my payment deadline by one day last quarter (slipped my mind), only a day late and the first time this has happened in 5 years of contracting....
... a few days letter a stern letter from the VAT mob lands on my doorstep telling me I've been a naughty boy and if It happens again within the next 12 months I'll be hit with a 2% penalty (which will go up on each transgression), I made sure to pay this quarter as soon as my accountant calculated the amount due!
Leave a comment:
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Really not worth messing with the VAT man, i missed my payment deadline by one day last quarter (slipped my mind), only a day late and the first time this has happened in 5 years of contracting....
... a few days letter a stern letter from the VAT mob lands on my doorstep telling me I've been a naughty boy and if It happens again within the next 12 months I'll be hit with a 2% penalty (which will go up on each transgression), I made sure to pay this quarter as soon as my accountant calculated the amount due!
Leave a comment:
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Originally posted by zimmerman90 View Postthanks for the replies; i didn't request VAT to be added and have no desire to register for VAT. the invoice was generated by them after advising online my days worked eg day rate x 5, for week 1. my concern is if they make the same mistake again, is my company liable for the 'overpayment'? obviously i can speak to them; but wanted to know what the law states.
It is not necessarily a question of whether or not you have a desire to register for vat. There is a point at which you have to based on turnover. Whether you will reach that or not I don't know of course.
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Originally posted by zimmerman90 View Postthanks for the replies; i didn't request VAT to be added and have no desire to register for VAT. the invoice was generated by them after advising online my days worked eg day rate x 5, for week 1. my concern is if they make the same mistake again, is my company liable for the 'overpayment'?
And why don't you want to register for VAT? Get yourself of FRS and you make money on the perc...oh... hang on...
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reply..
thanks for the replies; i didn't request VAT to be added and have no desire to register for VAT. the invoice was generated by them after advising online my days worked eg day rate x 5, for week 1. my concern is if they make the same mistake again, is my company liable for the 'overpayment'? obviously i can speak to them; but wanted to know what the law states.
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Originally posted by Darren at DynamoAccounts View PostIf you're not registered for VAT, give the agency a call and let them know. Then ask if they want it returned or will they deduct from the next invoice.
Have you spoken to your accountant about being VAT registered?
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Invoicing
Yes they will and if self billing, they should take care of it themselves but OP won't know until he chats with them.
Otherwise they'll keep sending an extra 20% on each remittance.
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