First VAT Return

[pleomax]

I should yes be on flat rate in hind sight, but got to make some equipment purchases and wanted the VAT. They are not over 2K.

[Archangel]

So my petrol reciepts that i have attached to my expenses claim to MyLtd I offset that against the VAT i charged my client?

And thank you for that post very helpful, you made some assumptions which are correct.

Pleomax

No, you can only directly offset the VAT for something the business bought for itself, so if the company bought the petrol then yes, but because you bought it, the company should be reimbursing you for your mileage, not buying your petrol. If it pays you a mileage allowance (40p mile for first 5k, then 25p) then the company can offset some of this as VAT, I don't operate like that so can't tell you the rate, A search of the HMRC.GOV.UK website under VAT should find it, look for "using own car" and "VAT allowance".

And you should probably be on the flat rate VAT scheme.

[pleomax]

The VAT return is one of the easiest forms to fill in in the world. Just be careful!

Box 4 - The amount of VAT you have been charged on your expenses
HTH, IANAA etc

So my petrol reciepts that i have attached to my expenses claim to MyLtd I offset that against the VAT i charged my client?

And thank you for that post very helpful, you made some assumptions which are correct.

Pleomax

[Archangel]

The VAT return is one of the easiest forms to fill in in the world. Just be careful!

If you have no sales to other eu countries, or non eu countries then there are only the following boxes to fill in:
(I assume you are not on fixed rate VAT? if you are then all this doesn't apply, so reply and I'll take you through that)

The following is for a company on "cash accounting", basically, you pay the VAT when you get paid from your client, not when you raise the invoice.

Box 1 - The amount of VAT you have charged your Client

Box 2 - Write "none"

Box 3 - Same as Box 1

Box 4 - The amount of VAT you have been charged on your expenses

Box 5 - The difference between Box 3 and Box 4 (usually the amount of VAT due, unless a refund is due)

This is the amount of the cheque you write, or the refund due.

Box 6 - Total sales, EXCLUDING VAT, i.e. the Net amount you charged your client

Box 7 - Total exenses, EXCLUDING VAT, i.e. the net amount you paid for your purchases

Boxes 8 and 9 - Write "None"

HTH, IANAA etc

[DaveB]

If your company is using Cash Accounting and / or is on Flat Rate Scheme, then you need to be careful how you submit the details. I can't comment on specifics relating to your company, but I can only wish you the best of luck in submitting your first return.

If you dont have an accountant and you arn't sure what you are doing give them a ring. They really are very helpfull.

As has been said, the VAT are not the people you want to piss off. They get very very upset if they think you have been fiddling your returns.

[Badger]

Talk to your accountant. I would _not_ want to mess with the VAT man.

+1

[lambrini_socialist]

I second that. The biggest mistake you can make is to do anything that would put you on their radar

you mean like, um, sending a return 2 weeks late? <looks shiftily at floor>

[strawberrysmoothie]

Talk to your accountant. I would _not_ want to mess with the VAT man.

I second that. The biggest mistake you can make is to do anything that would put you on their radar

[d000hg]

Talk to your accountant. I would _not_ want to mess with the VAT man.

Yes mine just emails me the numbers to write in the form.

[b0redom]

Talk to your accountant. I would _not_ want to mess with the VAT man.

[pmeswani]

Ok got to send back VAT return and it is the first one since I registered.

Basically I put on there what VAT I have charged the client, and minus VAT that I have paid out on goods and services (Including Start up fees etc).

For example:
Charged Client co: £100 VAT
Paid out on goods and services: £40 vat
Owe £60

So I fill out form and send back with cheque for that amount?

Thank for in advance for sensible replies.

If your company is using Cash Accounting and / or is on Flat Rate Scheme, then you need to be careful how you submit the details. I can't comment on specifics relating to your company, but I can only wish you the best of luck in submitting your first return.

[pleomax]

Ok got to send back VAT return and it is the first one since I registered.

Basically I put on there what VAT I have charged the client, and minus VAT that I have paid out on goods and services (Including Start up fees etc).

For example:
Charged Client co: £100 VAT
Paid out on goods and services: £40 vat
Owe £60

So I fill out form and send back with cheque for that amount?

Thank for in advance for sensible replies.