VAT, Payroll & Tax - The Book-keepers Forum (UK)

Kirst88 · Kirst88

I understand the WDA with cars either 100%, 20% or 10%, however I was wondering if their was diferent rules for taxi drivers, this is my first taxi driver client and he tends to buy a new car every second year so was looking to see if he can claim either 100% allowance this year or 50/50 over two years?

willpower · willpower

I understand that on pre-startup costs you can reclaim VAT on certain things but is there a definitive list anywhere on what these things are. I read on the HMRC website you can reclaim on legal costs for example but then we have been told by an accountant by chance, that we can't reclaim VAT on writing t...

PW1980 · PW1980

Good Afternoon, I have a new client [Friend really], [ Limited co, with only a director as the sole employee] the clients Accountant last year set up the client with a PAYE scheme, the accountant then raises monthly payslips for £589, I assume this is to keep the director below the £7072 threshold and...

Silly Digits · Silly Digits

Hi all Could anyone give me some advice on cash left as inheritance. Am I right in saying this is tax exempt and do not have to include on personal tax return? Approx 20K. Just have to include bank interest received on that income (which has already been taxed). Trying to find out more details at the mom...

NA_AA · NA_AA

In a situation where a VAT return was submitted which did not include all the transactions for the period, is it possible to make an adjustment in the following periods VAT return? Also, are there any penalties for this happening?

Gibbs · Gibbs

Please can anyone guide me. My client owns a 3 storey victorian building. He lets out the base storey to a commercial business. He is Vat registered, and charges Vat on the rent he collects from this commercial business. He has just spent out a considerable amount getting the two upper storeys conve...

Amanda · Amanda

Hi Everyone, I have a client who is on the Flat rate scheme, and so far I have adjusted the VAt manually to account for this. What journals are needed to account for it in Quickbooks?? Because if you File VAT in QB it will do it as Cash accounting and then post the relevant amount owed to the suppliers for p...

Kirst88 · Kirst88

looking to see how this should be dealt with in the company tax return. a director gives the company £12000 when the company first starts up. First of all I know this £12000 isnt classed as income am i right? However each month the directors have been taking some of this money back how is this dealt with?

Kirst88 · Kirst88

When your an employee I know you can claim for fuel when your employee does not pay this for you. Why is it you cannot claim the car as a capital allowance but you can claim equipment and machinery?

Phrike · Phrike

Hi everyone, I had a quick query regarding the cessation of a sole trader in their second year of trade. The facts are:They started trading on 1/1/2010, intending to make accounts up to 31/12/10, 31/12/11, etc.The period that went onto their 2010 tax return was the period to 5/4/10.Due to unforseen c...

Diona · Diona

Hello How do I have to post in Sage VAT due on EC aquisition (output tax) and input tax I can reclaim regarding the same EC aquisition. If I post the invoice in Sage with T8, the VAT Return will be OK, but there won't be any transaction concerning VAT Control Accounts. Any help is appreciated!

favour · favour

Hi All, I have a new client, who started trading few weeks ago, as small agency company. He gets a contract for £6.03 per hour from his clients and pays his employees £5.00 per hour,(age 22 and above) I am not very sure what i should do here, looking at the amount he gets the Job, and the rule under NMW. Do an...

kajay · kajay

What do I do if a contractor, who knows I am CIS registered, does not take a CIS deduction from my invoice? Basically, he just dropped cheque off for full amount, and said I should just declare the CIS payment he hasn't deducted to the HMRC myself at the end of the tax year. Can I do that?

jsgraver · jsgraver

hi if it is of any help to those operating the VAT cash accounting scheme and use Sage they now have a report available that shows the vat included in debtors and creditors(after adjusting for payments on account) I rang Sage and spoke to Angela and it worked fine for me hope this is helpful for someone...

TW · TW

My company is importing electronic devices from our customers outside the EU, reliability testing them in our UK lab, then sending them back to the customer or onto another testing house either in the EU or Asia. When we import the goods we are paying VAT because we can't put them on a temporary import...

spurs1952 · spurs1952

For the uninitiated (me I think) one is asked to ensure that a donor pays enough tax in the year so that the charity can then claim tax further tax back (eg on a £1 gift they can claim 25%. making £1.25) This is clear enough on tax deducted on bank interest received at source, and PAYE tax deducted (Even tho...

ClawzCTR · ClawzCTR

As the title suggests, a prospective client lives in the UK and is a UK citizen. They however, because or there job, are employed by a US company and get paid by them in dollars. He has come to me asking to fill in his SATR for him. I have a meeting with him tonight so will know more in a few hours. He has paid U...

fabs79 · fabs79

Hi, another Ltd related scenario I'm facing and curious if anyone has come across this one. A client of mine has been trading as Ltd for the best part of a year and took money out of the company whenever he wanted. The company is very profitable so I'm not worried about the payments not being covered by the...

Annasweetbaby · Annasweetbaby

I have a question from one potential client: My potential client is a self-employed photographer, when she started her business, she also introduced her persional old camera to the business (she used for a few years for leisure), which might worth £800 in current market. She is asking me if she can cl...

Peasie · Peasie

I was filling in the tax return for my nephew and am not sure where to put this form of income. I know many years ago when it applied to myself and it was a paper return there was an area for "other income". But I can't seem to find it in the online version. I'll explain what it is.... When he was empl...

Topic		Started By	Replies	Views	Last Post
	Capital Allowance on Taxis (Preview) I understand the WDA with cars either 100%, 20% or 10%, however I was wondering if their was diferent rules for taxi drivers, this is my first taxi driver client and he tends to buy a new car every second year so was looking to see if he can claim either 100% allowance this year or 50/50 over two years?	Kirst88	3	7898	Fri Jan 27 21:19 2012 by gbm
	Reclaiming VAT (Preview) I understand that on pre-startup costs you can reclaim VAT on certain things but is there a definitive list anywhere on what these things are. I read on the HMRC website you can reclaim on legal costs for example but then we have been told by an accountant by chance, that we can't reclaim VAT on writing t...	willpower	2	961	Fri Jan 27 19:47 2012 by willpower
	PAYE Scheme required? (Preview) Good Afternoon, I have a new client [Friend really], [ Limited co, with only a director as the sole employee] the clients Accountant last year set up the client with a PAYE scheme, the accountant then raises monthly payslips for £589, I assume this is to keep the director below the £7072 threshold and...	PW1980	8	5469	Thu Jan 26 03:52 2012 by RobRJBS
	Inheritance received (Preview) Hi all Could anyone give me some advice on cash left as inheritance. Am I right in saying this is tax exempt and do not have to include on personal tax return? Approx 20K. Just have to include bank interest received on that income (which has already been taxed). Trying to find out more details at the mom...	Silly Digits	1	779	Wed Jan 25 21:57 2012 by fabs79
	Errors in VAT return (Preview) In a situation where a VAT return was submitted which did not include all the transactions for the period, is it possible to make an adjustment in the following periods VAT return? Also, are there any penalties for this happening?	NA_AA	3	880	Wed Jan 25 21:48 2012 by fabs79
	Can I reclaim Vat on costs to convert a building to student accom (Preview) Please can anyone guide me. My client owns a 3 storey victorian building. He lets out the base storey to a commercial business. He is Vat registered, and charges Vat on the rent he collects from this commercial business. He has just spent out a considerable amount getting the two upper storeys conve...	Gibbs	2	1031	Wed Jan 25 03:00 2012 by Gibbs
	Flat rate scheme for VAT posting journals (Preview) Hi Everyone, I have a client who is on the Flat rate scheme, and so far I have adjusted the VAt manually to account for this. What journals are needed to account for it in Quickbooks?? Because if you File VAT in QB it will do it as Cash accounting and then post the relevant amount owed to the suppliers for p...	Amanda	4	6193	Tue Jan 24 17:29 2012 by Amanda
	Directors loan (Preview) looking to see how this should be dealt with in the company tax return. a director gives the company £12000 when the company first starts up. First of all I know this £12000 isnt classed as income am i right? However each month the directors have been taking some of this money back how is this dealt with?	Kirst88	5	1272	Tue Jan 24 08:38 2012 by MarkS
	Employee Car Allowance (Preview) When your an employee I know you can claim for fuel when your employee does not pay this for you. Why is it you cannot claim the car as a capital allowance but you can claim equipment and machinery?	Kirst88	1	777	Mon Jan 23 23:01 2012 by YLB-HO
	Sole Trader Cessation In Second Year (Preview) Hi everyone, I had a quick query regarding the cessation of a sole trader in their second year of trade. The facts are:They started trading on 1/1/2010, intending to make accounts up to 31/12/10, 31/12/11, etc.The period that went onto their 2010 tax return was the period to 5/4/10.Due to unforseen c...	Phrike	1	1319	Mon Jan 23 09:09 2012 by MarkS
	VAT on EC acquisitions (Preview) Hello How do I have to post in Sage VAT due on EC aquisition (output tax) and input tax I can reclaim regarding the same EC aquisition. If I post the invoice in Sage with T8, the VAT Return will be OK, but there won't be any transaction concerning VAT Control Accounts. Any help is appreciated!	Diona	2	2795	Mon Jan 23 07:25 2012 by Diona
	Paying employee less than national minimum wage (Preview) Hi All, I have a new client, who started trading few weeks ago, as small agency company. He gets a contract for £6.03 per hour from his clients and pays his employees £5.00 per hour,(age 22 and above) I am not very sure what i should do here, looking at the amount he gets the Job, and the rule under NMW. Do an...	favour	4	1111	Sun Jan 22 01:48 2012 by Tom McClelland
	Contractor not deducted CIS payment from my invoice (Preview) What do I do if a contractor, who knows I am CIS registered, does not take a CIS deduction from my invoice? Basically, he just dropped cheque off for full amount, and said I should just declare the CIS payment he hasn't deducted to the HMRC myself at the end of the tax year. Can I do that?	kajay	1	2059	Sat Jan 21 16:09 2012 by gbm
	reconciliation of cash accounting to vat account (Preview) hi if it is of any help to those operating the VAT cash accounting scheme and use Sage they now have a report available that shows the vat included in debtors and creditors(after adjusting for payments on account) I rang Sage and spoke to Angela and it worked fine for me hope this is helpful for someone...	jsgraver	6	1506	Fri Jan 20 16:22 2012 by jsgraver
	IMPORT VAT (Preview) My company is importing electronic devices from our customers outside the EU, reliability testing them in our UK lab, then sending them back to the customer or onto another testing house either in the EU or Asia. When we import the goods we are paying VAT because we can't put them on a temporary import...	TW	1	936	Fri Jan 20 00:58 2012 by YLB-HO
	GIFT AID - What actually is the TAX PAID for a donor (Preview) For the uninitiated (me I think) one is asked to ensure that a donor pays enough tax in the year so that the charity can then claim tax further tax back (eg on a £1 gift they can claim 25%. making £1.25) This is clear enough on tax deducted on bank interest received at source, and PAYE tax deducted (Even tho...	spurs1952	4	7996	Thu Jan 19 16:56 2012 by spurs1952
	Uk resident working for US company (Preview) As the title suggests, a prospective client lives in the UK and is a UK citizen. They however, because or there job, are employed by a US company and get paid by them in dollars. He has come to me asking to fill in his SATR for him. I have a meeting with him tonight so will know more in a few hours. He has paid U...	ClawzCTR	3	2402	Wed Jan 18 20:02 2012 by ClawzCTR
	Split salary vs Dividend retrospectively (Preview) Hi, another Ltd related scenario I'm facing and curious if anyone has come across this one. A client of mine has been trading as Ltd for the best part of a year and took money out of the company whenever he wanted. The company is very profitable so I'm not worried about the payments not being covered by the...	fabs79	4	1526	Wed Jan 18 05:35 2012 by jsgraver
	Can I claim AIA for this? (Preview) I have a question from one potential client: My potential client is a self-employed photographer, when she started her business, she also introduced her persional old camera to the business (she used for a few years for leisure), which might worth £800 in current market. She is asking me if she can cl...	Annasweetbaby	6	1510	Tue Jan 17 21:59 2012 by Annasweetbaby
	Is there an "other income" box on the Tax return? (Preview) I was filling in the tax return for my nephew and am not sure where to put this form of income. I know many years ago when it applied to myself and it was a paper return there was an area for "other income". But I can't seem to find it in the online version. I'll explain what it is.... When he was empl...	Peasie	0	918	Tue Jan 17 19:39 2012 by Peasie
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