Is there anyone out there who can help me! Am helping out a friend who has set up a ltd company. The company has registered for VAT and now a VAT return has to be submitted for the period 01 Aug - 30 Sep 2011.
My main confusion...(panic) arises from the fact that she started raising invoices before this period and as she hadn't registered for VAT at this point included VAT and put on the invoice the VAT number of another ltd company that she runs.
Can anyone tell me what should normally happen in cases like this. Do companies put their invoices at 0% VAT until registered?
If anyone can help me I would be so grateful!! Hope I am making sense!!
This link http://www.hmrc.gov.uk/vat/start/register/waiting.htm tells you what should happen when you need to register for VAT, and how you should invoice prior to receiving your VAT registration number.
She certainly shouldn't have issued invoices with a different companies VAT number, and it may be an idea to reissue all those invoices with the correct number on. The invoices should have been issued with a mark up to allow for the VAT, and then reissued with the VAT showing correctly once the registration details were received.
...The company has registered for VAT and now a VAT return has to be submitted for the period 01 Aug - 30 Sep 2011.
My main confusion...(panic) arises from the fact that she started raising invoices before this period and as she hadn't registered for VAT at this point included VAT and put on the invoice the VAT number of another ltd company that she runs...
If the invoices were raised before the VAT registration date, then there shouldn't have been any VAT on them at all :)
Thank you for all your advice. I am still confused about this situation. In this case I think I need to sit down and go through it with somone! Thank you!
