I have managed to find some work with a Finanical Advisor who has clients who require thier S.A's doing. He has offered to put some work my way if i am able to complete this task for him :D
Setting the scene... Person has one BTL property, lives else where, has the income from the BTL and thier pension/any other work. Now this work gets taxed in the usual way, iirc, but the income form the BTL is not, (which i have to do the S.A. for i know) BUT here is my question....
She has paid TAX on some of her earnings, but some of the bills etc for the BTL, ie management fees/repairs etc have VAT added on (some at 17.5 and 20%). Am i right in thinking that as she's not VAT registered then i just ignore the fact she has paid this and dont 'cliam/write it down' on her S.A.?
(i dont want to go back to the FA as i want to prove i can do this 'on my own', my pride getting the better of me! lol)
All answers are welcomed with open arms! :D
HI, when not registered for VAT you claim the gross (vat inclusive) amount of an expense. On this scale i'd be surprised if it was worth her registering for VAT but perhaps someone else is more familiar with the 'Opt to Tax' rules. Tim
-- Edited by Don Tax on Tuesday 12th of July 2011 07:56:24 AM
