Vat return help
Discussion
Probably seems a bit simple but govm paperwork seems designed in a language I just can't relate to.
Currently bumbling along only just below vat threshold so don't require making tax digital but need to remain vat reg, which I do via flat rate scheme, but now hmrc have decided to torpedo it with the incoming reverse charge debacle. which means I'll lose significant money if I don't drop out the scheme, which'll be the next q.
So not worrying about all the ec import export stuff as it doesn't affect me, is the following correct:
Box 6 - net turnover in that q.
Box 7 - net purchases in that q.
Box 1 - the vat due on the sum of 6-7
Box 4 - the vat component of 7
Box 3 & 5 autofill,
Box 2, 8 & 9 enter zero
Should I purchase capex e.g. Van (treated differently under FRS) I now treat as any other purchase and include its relavent details in boxes 7 & 4 and get a VAT refund.
Is this correct, also I've been told in the past that materials need to be accounted for in the same vat return as payments received relevant to them wheras I'm just using gross spent/received in a q.
Probably unlikely, but if I have unused materials in hand purchased when under the FRS (so no specific VAT relief claimed) can I claim the vat component of them a bit like stocks and assets on hand when you first register for vat?
TIA.
Currently bumbling along only just below vat threshold so don't require making tax digital but need to remain vat reg, which I do via flat rate scheme, but now hmrc have decided to torpedo it with the incoming reverse charge debacle. which means I'll lose significant money if I don't drop out the scheme, which'll be the next q.
So not worrying about all the ec import export stuff as it doesn't affect me, is the following correct:
Box 6 - net turnover in that q.
Box 7 - net purchases in that q.
Box 1 - the vat due on the sum of 6-7
Box 4 - the vat component of 7
Box 3 & 5 autofill,
Box 2, 8 & 9 enter zero
Should I purchase capex e.g. Van (treated differently under FRS) I now treat as any other purchase and include its relavent details in boxes 7 & 4 and get a VAT refund.
Is this correct, also I've been told in the past that materials need to be accounted for in the same vat return as payments received relevant to them wheras I'm just using gross spent/received in a q.
Probably unlikely, but if I have unused materials in hand purchased when under the FRS (so no specific VAT relief claimed) can I claim the vat component of them a bit like stocks and assets on hand when you first register for vat?
TIA.
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