vat return

[Rupe]

Not had one yet!

[firewoodman]

mate of mine did.

 

routine apparently. usually a quick thinking chap, but during the inspection of several hours he had to take his time with the answers and had to make a few changes and discrepancies which h and his accountant though were perfectly fine had to be changed to the tax mans addvantage and a nice bill presented.

[Steve Bullman]

ahhh well thats life

im not too worried,...seems all cut and dry to me, i charge vat and subsequently pay the vatman, then i claim for my vat on all business expenses......im a little thick, but i think i'll about cope with that!

[Lee Winger]

I've never had an inspection, and I've been registered for years, but then I don't fiddle! or make mistakes..

[Lee Winger]

 

my accountant can get me more money back off my newly purchased machinery over 3 years than the vat i paid. and yes i agree that would be mine anyway

 

 

That makes no sense at all..

[Steve Bullman]

indeed, ive read that over and over and can make no sense of it whatsoever...can you explain that some more?

[firewoodman]

no.. you think you are thick!!!

 

my accountant explained it to me 3 times and then gave up cos of the blank looks.

 

something to do wth the amount of depreciation allowed with the 50-100% tax relief compared to turnover and profit. but can only be done if machinery is be kept for more than 5 years and expect to run it till it dies and not sold and also helps if machinery is bought on finance for extra tax relief.

 

i'm no accountant, and just on self assesment,

 

for the first 7 years i had no tax to pay, inspected 3 times and on one inspection was shown how to get more off the following year.

 

it does help when you live opposite the tax office so you can pop in an ask for help with any questions

[benedmonds]

It's been covered in previous threads but the flat rate scheme works for us.

[log man]

seems logical enough to me on firewood, everything you buy in is 17.5%, everything you sell is 5%. to my small brain that adds up to 12.5% in ya sky rocket!

[Dean Lofthouse]

That makes no sense at all..

 

I don't know the figures ect or how, but thats why I've just got a newer Landcruiser, I got allowed a lot against tax on the other one which helped pay for a big chunk of it.