If a company joins a VAT Group does it need to file Final VAT Return as in case of deregistration. In that Final VAT Return, is it necessary to charge VAT on these 3 following deemed supplies in addition to normal supplies:
1. Stocks of goods unsold
2.Fixed Assets
3.Fixed Assets under capital goods scheme (the final adjustment).
So hows about an intro before we start. We always ask newbies!
Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/in midst of doing, what you did before this role? That sort of thing. Helps get to know you but also how best to pitch answers.
Please add your first name so that it appears under the signature bar on your posts? via Edit profile --->signatures.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
this questions pertains to uk vat law not to pakistan law.
The question pertains to tax law and tax law is country specific.
The only reason to study UK tax regulations would be to either offer your services here or to offer offshoring services which could reduce the number of companies using the people offering their services here.
Why then would people on this site answer your questions in relation to UK tax regulations?
The above said, the worlds outsourcing issues undermining local economies are not your fault, you are a very, very tiny cog in a big machine so, not wanting to leave you without a lifeline, if I were you, I would study ACCA papers F6 and P6 UK variants combined with studying Her Majesties Customs and Excise website. Everything is there to answer your questions and that would be the same place that many of us will have learnt UK tax.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
this questions pertains to uk vat law not to pakistan law.
The question pertains to tax law and tax law is country specific.
The only reason to study UK tax regulations would be to either offer your services here or to offer offshoring services which could reduce the number of companies using the people offering their services here. or a business owner.
Why then would people on this site answer your questions in relation to UK tax regulations? Well, quite.
The above said, the worlds outsourcing issues undermining local economies are not your fault, you are a very, very tiny cog in a big machine assuming he is a student/practitioner, but on the basis he has ignored both posts, who knows so, not wanting to leave you without a lifeline, if I were you, I would study ACCA papers F6 and P6 UK variants combined with studying Her Majesties Customs and Excise website. plus the VAt act and case law. Everything is there to answer your questions and that would be the same place that many of us will have learnt UK tax.
Shaun.
Alternatively - pay a VAT consultant, instead of making an expensive mess.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
If you have CGS items whilst going into a VAT Group, you will need specialist help in considering your partial exemption method(s). As above, an expensive mistake is awaiting you!
