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

Peasie · Peasie

What rate of interest is it if self assessment income tax is paid late? Forget about the surcharge (5% when 28 days late and another 5% when 6 months late) - what is the daily rate of interest charged on the unpaid tax? And before you ask - I have paid my own tax on time - I pay mine weekly by direct debit going o...

beckyw · beckyw

I wonder if anyone can help me. I have a client who uses Sage and cash accounting for their VAT. They also use RBS as a factoring company for trade customer debts and also to provide an overdraft against future debts when they need it. They tend to draw money against the debts and sometimes the overdraft t...

morgwick · morgwick

Hi, just a quick question, usually when completing a VAT return you wouldn't include wages in the Box 7 - Total Net Purchases. However with a payroll umbrella company, would I include the wages paid in here? Basically they raise an invoice to a recruitment agency. The invoice is paid virtually straig...

Beverley · Beverley

Hi this may seem a silly question but if I set up a Ltd company would I pay myself through paye scheme or can I be paid another way??

Silly Digits · Silly Digits

I am aware that I can claim VAT back on assets before registration upto 3 years etc. But just wanted to clarify that if I had an invoice for an asset that included installation of the asset could all the VAT be claimed?

Gumbsy · Gumbsy

Hi All, I am aware that suppliers do not account for VAT on proforma invoice that they recieve until a VAT invoice is supplied upon payment. However I am a bit confused on how to deal with it from the sellers perspective. When a proforma sale is raised - should VAT be included on the sales invoice, and if V...

Gumbsy · Gumbsy

Hi All, I need some help regarding Vat for international sales & purchases, and what sage codes to use and whether to include them in VAT return. On sales to EU countries should I code the sale on sage as T4 (as no VAT charged to EU countries). On sales to Non EU countries should I code the sale on sage as...

tonys · tonys

Hi, Can anyone explain the difference in the treatment of Employer NI and Employee as a cost to the business. I automatically seperate them so we have a figure for gross wages ie Employee NI and Net pay then seperate figure for Employer NI. They are both a business expense, why seperate? Tony. I hate t...

Peasie · Peasie

I said elsewhere that it was going to be a straightforward thing. Should have known better. The problem is the person that did his return the previous year (his ex-wife) has made a few mistakes on that return. It was a paper return. He gets a statement of earnings and tax deducted each month and by the loo...

class71 · class71

Good Afternoon everyone, I have been asked to investigate the most tax efficient way to purchase a company vehicle (either small van or estate car). My head is starting to hurt a little from all the information I keep trying to gleam off the hmrc website, so I thought I would throw the idea out to you love...

applewood · applewood

Hello l am new. I have just submitted a HM Revenue & Customs return. I am about to post it to sage, but need to know is it T0 or T9 Tks

shebbar · shebbar

Hi, I am from commonwealth country and working in UK. My first year of employemtn here and I am not paying NI. Employer told me no NI for first year. My gross per annum is 40K. However my wife on a contract, rate 150/day. She is also within first year but the umbrella company she uses is deducting NI; they sa...

kimmcg · kimmcg

Hi everyone and Happy New Year!!!! Could someone who uses Sage Payroll please check the tax and NI bandwidths I have on my version - I'm sure I had to change them when I did my exam to a previous year but am now starting to run the payroll for a client and want to make sure they are correct. I've attached two sc...

Harps · Harps

Hi there. I am doing my first VAT invoice for a limited company. I have a couple of invoices which meet all the criteria for the requirements for invoices for less than £250 except it states the directors personal name and address and not the companies details. I Know that for invoices for items less t...

morgwick · morgwick

Hi just checking (as not a tax specialist)... if shares have been sold in the 2009/2010 tax year, but the profit made was only £1200 (original shares bought in 2008) am I correct in saying that that they don't have to be declared as a capital gain on the 2010 tax return as below £10100?

bmwvespa · bmwvespa

Hi. My wife and I have recently opened a village convenience store/ newsagents and I am after a bit of advice. It is the first time either of us have run our own business and been VAT registered. We just have an old till that basically just enters amounts in and I was a bit confused as to how I figure out what...

Peasie · Peasie

Does anyone have an opinion on the VAT registration threshold? Should it be increased to take more small companies out of VAT?Should it be decreased so companies close to the threshold are on a level playing field with their competitors. I'm of the opinion it should be reduced to the lowest level poss...

harryspotter · harryspotter

Hello everyone, I have this problem. I am setting up an estate agency, I also own a mortgage advice practice so the two will work together quite well I hope!! Before I put the 2 options to you I want to mention that when I sell a house the agency fee is Vatable, when I give mortgage advice and charge a fee it i...

KAZ · KAZ

Can I claim back the VAT on Tea, Coffee and Biscuits for our staff consumption?

vsb · vsb

Hi Im in the process of starting a company that would amongst other things provide self-employed temporary staff to the construction industry. However Im a bit confused about how the VAT would work on this. I think the best way to put forward my question would be an example. If i charge a firm £17p/hour...

Topic		Started By	Replies	Views	Last Post
	Interest on unpaid income tax (Preview) What rate of interest is it if self assessment income tax is paid late? Forget about the surcharge (5% when 28 days late and another 5% when 6 months late) - what is the daily rate of interest charged on the unpaid tax? And before you ask - I have paid my own tax on time - I pay mine weekly by direct debit going o...	Peasie	2	3745	Mon Jan 17 20:43 2011 by Peasie
	VAT and invoice factoring (Preview) I wonder if anyone can help me. I have a client who uses Sage and cash accounting for their VAT. They also use RBS as a factoring company for trade customer debts and also to provide an overdraft against future debts when they need it. They tend to draw money against the debts and sometimes the overdraft t...	beckyw	3	3803	Mon Jan 17 14:51 2011 by ludrup
	VAT Return Umbrella Company (Preview) Hi, just a quick question, usually when completing a VAT return you wouldn't include wages in the Box 7 - Total Net Purchases. However with a payroll umbrella company, would I include the wages paid in here? Basically they raise an invoice to a recruitment agency. The invoice is paid virtually straig...	morgwick	0	1862	Sun Jan 16 21:28 2011 by morgwick
	paye (Preview) Hi this may seem a silly question but if I set up a Ltd company would I pay myself through paye scheme or can I be paid another way??	Beverley	6	2001	Sun Jan 16 15:36 2011 by Beverley
	VAT before registration (Preview) I am aware that I can claim VAT back on assets before registration upto 3 years etc. But just wanted to clarify that if I had an invoice for an asset that included installation of the asset could all the VAT be claimed?	Silly Digits	2	1269	Sun Jan 16 14:43 2011 by Anthony2011
	Proforma Invoices for VAT purposes (Preview) Hi All, I am aware that suppliers do not account for VAT on proforma invoice that they recieve until a VAT invoice is supplied upon payment. However I am a bit confused on how to deal with it from the sellers perspective. When a proforma sale is raised - should VAT be included on the sales invoice, and if V...	Gumbsy	3	16294	Sat Jan 15 22:51 2011 by attilabenko
	VAT for EU and Non EU (Preview) Hi All, I need some help regarding Vat for international sales & purchases, and what sage codes to use and whether to include them in VAT return. On sales to EU countries should I code the sale on sage as T4 (as no VAT charged to EU countries). On sales to Non EU countries should I code the sale on sage as...	Gumbsy	1	4967	Fri Jan 14 19:55 2011 by Beverley
	Employer NI (Preview) Hi, Can anyone explain the difference in the treatment of Employer NI and Employee as a cost to the business. I automatically seperate them so we have a figure for gross wages ie Employee NI and Net pay then seperate figure for Employer NI. They are both a business expense, why seperate? Tony. I hate t...	tonys	2	1493	Thu Jan 13 10:26 2011 by tonys
	My first self assessment return client (Preview) I said elsewhere that it was going to be a straightforward thing. Should have known better. The problem is the person that did his return the previous year (his ex-wife) has made a few mistakes on that return. It was a paper return. He gets a statement of earnings and tax deducted each month and by the loo...	Peasie	2	2206	Tue Jan 11 23:23 2011 by gbm
	Purchase of Company Vehicle - Tax Implications (Preview) Good Afternoon everyone, I have been asked to investigate the most tax efficient way to purchase a company vehicle (either small van or estate car). My head is starting to hurt a little from all the information I keep trying to gleam off the hmrc website, so I thought I would throw the idea out to you love...	class71	7	13128	Tue Jan 11 23:13 2011 by gbm
	vat retuen figures (Preview) Hello l am new. I have just submitted a HM Revenue & Customs return. I am about to post it to sage, but need to know is it T0 or T9 Tks	applewood	14	8261	Mon Jan 10 16:39 2011 by applewood
	NI exception for first year (Preview) Hi, I am from commonwealth country and working in UK. My first year of employemtn here and I am not paying NI. Employer told me no NI for first year. My gross per annum is 40K. However my wife on a contract, rate 150/day. She is also within first year but the umbrella company she uses is deducting NI; they sa...	shebbar	2	2089	Sun Jan 9 06:53 2011 by shebbar
	Tax and NI bandwidths on Sage Payroll (Preview) Hi everyone and Happy New Year!!!! Could someone who uses Sage Payroll please check the tax and NI bandwidths I have on my version - I'm sure I had to change them when I did my exam to a previous year but am now starting to run the payroll for a client and want to make sure they are correct. I've attached two sc...	kimmcg	1	3807	Fri Jan 7 21:35 2011 by Zara5034
	Vat Invoices. (Preview) Hi there. I am doing my first VAT invoice for a limited company. I have a couple of invoices which meet all the criteria for the requirements for invoices for less than £250 except it states the directors personal name and address and not the companies details. I Know that for invoices for items less t...	Harps	18	16971	Thu Jan 6 23:15 2011 by HendyPhilhendy
	Shares & Tax Return (Preview) Hi just checking (as not a tax specialist)... if shares have been sold in the 2009/2010 tax year, but the profit made was only £1200 (original shares bought in 2008) am I correct in saying that that they don't have to be declared as a capital gain on the 2010 tax return as below £10100?	morgwick	4	1633	Thu Jan 6 19:56 2011 by morgwick
	Small convenience store / newsagents how do I work out my different VAT rates (Preview) Hi. My wife and I have recently opened a village convenience store/ newsagents and I am after a bit of advice. It is the first time either of us have run our own business and been VAT registered. We just have an old till that basically just enters amounts in and I was a bit confused as to how I figure out what...	bmwvespa	3	11369	Thu Jan 6 08:54 2011 by morgwick
	Opinions on VAT registration threshold (Preview) Does anyone have an opinion on the VAT registration threshold? Should it be increased to take more small companies out of VAT?Should it be decreased so companies close to the threshold are on a level playing field with their competitors. I'm of the opinion it should be reduced to the lowest level poss...	Peasie	1	2080	Tue Jan 4 17:58 2011 by Quentin Pain
	Interesting VAT question (Preview) Hello everyone, I have this problem. I am setting up an estate agency, I also own a mortgage advice practice so the two will work together quite well I hope!! Before I put the 2 options to you I want to mention that when I sell a house the agency fee is Vatable, when I give mortgage advice and charge a fee it i...	harryspotter	2	2398	Thu Dec 30 19:15 2010 by Merlion ABS
	VAT on Refreshments (Preview) Can I claim back the VAT on Tea, Coffee and Biscuits for our staff consumption?	KAZ	12	19515	Wed Dec 29 17:13 2010 by Rhianrach
	Employment Agency VAT liabilities (Preview) Hi Im in the process of starting a company that would amongst other things provide self-employed temporary staff to the construction industry. However Im a bit confused about how the VAT would work on this. I think the best way to put forward my question would be an example. If i charge a firm £17p/hour...	vsb	2	2825	Wed Dec 29 14:54 2010 by RobH
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