I just had a funny thing happen - looked at my business account and noticed a significant DD for VAT had come out, then a fews days later I couldn't log into my Cater Allen account, just phoned up and got my access back, my access was revoked but operator wan't sure why - then noticed that the big withdrawl had disappeared.
Anyone else get a phantom amount taken and then replaced?
Should I call the bank to workout WTF happened or was I just tripping?
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Reply to: VAT DD
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Previously on "VAT DD"
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Originally posted by MrRobin View PostI never look at my business bank account balance and think 'that's the amount of money I have'... it's dangerous.
Much better to use your accountant's P&L and/or a spreadsheet with all your invoices and taxes etc etc.
Personally, I don't do the DD VAT - I just schedule a payment when I do the VAT return. It only takes a few minutes.
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Originally posted by stek View PostThat's a cracking rate you're on then!
Contracting 101 - Never discuss your rate or any true figures that enable someone to derive your rate.Last edited by Scrag Meister; 14 March 2012, 14:52.
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Originally posted by javadude View PostI've never fancied the idea of HMRC being able to take money directly from my bank account. The BN66 farce shows how little they they can be trusted and a recent experience over my VAT returns shows them to be pretty incompetent.
I don't like DD's in general, and only do it if (with my personal accounts) there's some financial incentive (e.g. £x discount per mth/yr)
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Originally posted by psychocandy View PostYeh. Agreed. Only time I look at business account it to make sure agency has paid me. Balance is irrelevant - P&L is the relevant bit as it profit available for dividend.
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Originally posted by MrRobin View PostI never look at my business bank account balance and think 'that's the amount of money I have'... it's dangerous.
Much better to use your accountant's P&L and/or a spreadsheet with all your invoices and taxes etc etc.
Leave a comment:
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Originally posted by Scrag Meister View PostAnyone know why the HMRC don't take the VAT DD's until 6 weeks after the end of the quarter to which it pertains?
I would really like it if they took it as soon as I submit my return, rather than having 10k of their money in my account for a month and a half.
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Originally posted by javadude View PostI've never fancied the idea of HMRC being able to take money directly from my bank account. The BN66 farce shows how little they they can be trusted and a recent experience over my VAT returns shows them to be pretty incompetent.
Leave a comment:
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I've never fancied the idea of HMRC being able to take money directly from my bank account. The BN66 farce shows how little they they can be trusted and a recent experience over my VAT returns shows them to be pretty incompetent.
Leave a comment:
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I never look at my business bank account balance and think 'that's the amount of money I have'... it's dangerous.
Much better to use your accountant's P&L and/or a spreadsheet with all your invoices and taxes etc etc.
Leave a comment:
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Originally posted by JamJarST View PostI still don't see the problem here, I sweep the excess funds in my current account into my business saver account. The spreadsheet I have from SJD automatically calculates the VAT and Corp tax liabilities and I have a bank spreadsheet with columns for these amounts which tells me my available monies at a glance. The only thing I have to do is make sure I transfer the money back to the current account the day before the DD and how difficult is that? The savings account may not be making £100's in interest a month but it is making more than 50p!! All helped by having the highest possible balance I can.
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Originally posted by Scrag Meister View PostNothing like the good old days a few years back where I'd be making just shy of £100 per month on interest, now it's like £0.50 or something equally stupid. And having the VAT money in my account is no use on the interest front it just blurs my view of the account when I look at the balance.
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Originally posted by JamJarST View PostWhy? It cases you no harm and you do earn a little bit of money on it don't you?
Originally posted by Clare@InTouch View PostYou could cancel the DD and pay by transfer, that way you could do it as soon as you wanted to.Last edited by Scrag Meister; 14 March 2012, 09:24.
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Originally posted by Scrag Meister View PostAnyone know why the HMRC don't take the VAT DD's until 6 weeks after the end of the quarter to which it pertains?
I would really like it if they took it as soon as I submit my return, rather than having 10k of their money in my account for a month and a half.
Leave a comment:
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You could cancel the DD and pay by transfer, that way you could do it as soon as you wanted to.
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