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vat
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£50 VAT Repayment Supplement on Annual Accounts
Evening all. HMRC have honoured Ltd Co. with a "VAT repayment supplement" of £50 because they were late repaying some VAT. This isn't interest and isn't subject to corporation tax. However, I'm having trouble with how it's best represented on the annual accounts. Has anyone dealt with this...- Carl Sberg
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- annual accounts vat vat repayment supplement
- Replies: 2
- Forum: Accounting / Legal
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unclaimed Input VAT from previous quarters
If for some reason we had failed to account for Input VAT on some purchases in a previous quarter, and these came to light now. How should I proceed to record those values in order to reclaim the VAT? 1. Should I add the unclaimed amounts to the current quarter return? 2. submit an updated...- tolland123
- Thread
- tax vat
- Replies: 1
- Forum: Accounting / Legal
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VAT Registration - Additional 'Supplying Staff' Questions
Hi, I have just applied to become VAT registered, but R&C have written to me asking additional questions which I am a little confused about. They've asked some basic information which is fine, but also given me a questionnaire to answer about additional workers in my company - which is...- franksmith
- Thread
- vat
- Replies: 3
- Forum: Accounting / Legal
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VAT Flat Rate Scheme... Can I use it?
Just reading up on the flat rate scheme for VAT. I am currently registered for VAT, have been since 2009. My turnover should be below 150k next year, all of it next year should be IT contract based. I currently "invoice" an agency that uses self-billing.... so I never actually raise a VAT...- prozak
- Thread
- vat
- Replies: 7
- Forum: Accounting / Legal
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Working in UK for Italian company
Hi, I am an Italian iPhone dev and I've just moved to London. I am keeping my job as a consultant with an Italian company. Since I will be in London most of the time, it looks like I have to register as self employed. I was thinking if registering just as self-employed is the best option or if...- piede828
- Thread
- italy self-employed vat
- Replies: 10
- Forum: Accounting / Legal
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Supply of services from the UK to the US considerations e.g. VAT, Payments etc.
Greetings all, Apologies if this has been covered elsewhere but I've looked through quite a few posts and couldn't find it. The limited company that I am working for is supplying my programming services to a US company. The main question I have is around VAT. What I've read suggests that I...- WhenItRains
- Thread
- tax vat
- Replies: 7
- Forum: Accounting / Legal
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Unable to pay VAT - Insolvent????
Rightio, just doing the VAT & accounts on my new retail business and as I thought, yes it's fooked. Looks like i've pissed 20k up the wall on this investment, and having bailed it for the last quarter, not enough moolah to pay the VAT this quarter. Deffo not going to be able to pay the wages...- MarillionFan
- Thread
- insolvency vat
- Replies: 10
- Forum: Accounting / Legal
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VAT direct debit
I signed up for the online VAT processing and used the direct debit option to keep it simple, to ensure I don't miss any payments. Today I checked my account balances and they've not drawn the amount I owe for the VAT period ending 28/02. I checked with my bank and yes the direct debit has been...- SuperZ
- Thread
- vat
- Replies: 15
- Forum: Accounting / Legal
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VAT FRS - dropping out when invoices > £150k
Has anyone here been on the FRS but then ended up breaching the annual turnover limit of £150k? I believed you would have to drop out of the scheme but according to HMRC's website (extract below) you can remain in it until your turnover reaches £225k. Also awaiting response from my...- ChimpMaster
- Thread
- vat
- Replies: 11
- Forum: Accounting / Legal
