Hi Everyone, your help would be greatly appreciated, we have been trading as a ltd company for just over a year, organising the books as a sole trader was easy enough but our accountant recommended we use sage, postings etc i am fine with along with the VAT returns but now our 1st end of year needs to be done and time is of the essence... as within 2 weeks of year end our main contract stopped and they went in house, after de registering for VAT we have now received a letter asking us to calculate the vat due in the final period before de registering but i am unable to calculate the end of year as im not sure if i have put the figures in correctly
I am not quite sure what you require help with, but here goes!!
In regards to the VAT due in the final VAT Return, this will include the Total Sales Tax Less the Total Purchase Tax that relates to the period that has yet to be accounted for in your final VAT Period. In my experience, this amount can sometimes be nil, dependant on if any transactions took place after and also which VAT reporting that you have opted to use - are you cash or invoice accounting?
What do you mean - that you are unable to calculate the end of Year - is this something your accoutant should be undertaking?
With some more information, I am happy to assist further.
