hi, can anyone help? I have't been a bookkeeper for 5 years so very rusty
I have just realised (Jan 2021) that I went over my VAT threshold April 2020 so have now registered for vat from 01/04/20.
Do I have to charge VAT on all of my sales since then, or only those over £85,000, how do I work this out as I didn't charge VAT on these goods. , e.g I sold £116,000, do I work out 20% as one total? do I use the 1/6 formula?
Can I claim back the cost of the goods for those items that I sold?
I didn't do a stock check at that point so how do I know which cost of goods to include in the VAT return?
How do I actually include them in the VAT return, do I add in the output sales and output VAT?
Its going to be a huge amount of work going through thousands of invoices going back a couple of years, is there a quicker way of doing this?
If you went over the VAT threshold in April 2020 then no need to register until 01/06/20
You need to account for VAT on all sales since then at 1/6 of the total sales, yes you can claim input VAT on the cost of the goods you sold but if you have already submitted annual accounts you may have to adjust them because of this,
If you are not sure about filling in the VAT return probably best to engage an Accountant to make sure all is correct.
__________________
Doug
These are only my opinions of how I see things and therefore should not be taken as advice
probably best to engage an Accountant to make sure all is correct.
Agree. Or a very good bookkeeper. You seem to be making a hole, then making it bigger and bigger with one mistake after another. Get help from someone who is properly qualified.
