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Post Info TOPIC: First VAT return
PawelLTD


Member

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Posts: 8
Date:
First VAT return
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Hi everyone,

I need to fill my first VAT return for the period from November 2010 to December 2011. 

I was registered on December 2011 because of reached VAT threshold on November 2010.

We didnt have detailed stock records, but mostly we buy 0% VAT goods.

 

Zero rate goods - 80 %

Standard rate goods - 20%

 

Can I calculate like below ?

January 2011

Sale 8000.00 GBP

 

All purchases: 7304.52 GBP including

0% VAT - 5903.39 GBP

20% VAT - 1401.13 GBP (19% from all purchases)

 

8000.00 GBP x 19% = 1520.00 GBP

1520.00 GBP / 6 = 254.00 GBP

Input tax = 254.00 GBP

 

Before VAT registration we kept very simply sale records and I dont know how much we sale standards rate and zero rate goods.

 

Thanks for any advice.



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leshoward


Senior Member

Status: Offline
Posts: 292
Date:
Permalink Closed

You will need to improve the detail of your record-keeping, to satisfy VAT Regulations.
It sounds like you are a retailer, ie: your customers are the general public, unable to recover VAT. In this case, you are entitled to use a Retail Scheme to calculate your output tax. However, you cannot switch between methods for each quarter; you need to choose a method and stick with it. From your comments, you are able to use the Apportionment Scheme (Notice 727/4 at http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&id=HMCE_CL_000146&propertyType=document)


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