I am preparing the first Vat Return for a client. Its the first, first vat return for a client I have done in a long time.
The registration date was 31 March. However after getting all the sales info on (as some was missing initially) it turns out that the threshold was reached on the 22 March.
My questions are:-
1) Do the sales after the threshold but before registration date go on the return. I am thinking yes as it is around £10k.
2) Are the sales before the threshold included in box 6
3) Claiming input vat before the registration date. Just want clarification to whether I am claim. The items I am claiming are materials used for sales and also advertising/Fuel etc.
I am preparing the first Vat Return for a client. Its the first, first vat return for a client I have done in a long time.
The registration date was 31 March. However after getting all the sales info on (as some was missing initially) it turns out that the threshold was reached on the 22 March.
That's fine. Had you applied for VAT registration after reaching the threshold in March, you would have been registered for VAT from 1st May.
My questions are:-
1) Do the sales after the threshold but before registration date go on the return. I am thinking yes as it is around £10k.
No, only those from the date of registration
2) Are the sales before the threshold included in box 6
No, again only from the date of registration
3) Claiming input vat before the registration date. Just want clarification to whether I am claim. The items I am claiming are materials used for sales and also advertising/Fuel etc.
Services can be up to 6 months, goods up to 4 years PROVIDING they are still in the business at date of registration.
eg you buy some materials on 1st March and sell them or use them on 4th April, yes you can reclaim the VAT. If it was the 30th March, you can't
Just a note of caution: When claiming goods HMRC say you should allow for wear and tear, so say you bought a vehicle 3 years ago at £10000 + VAT you should, according to HMRC, estimate it's worth at registration. So say that was £6000 you should only claim £1200, not £2000
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
