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Tax question?


Clark
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Not sure exactly how this works, for example, if I were to pay someone for a day's work for example £120, and they invoice me. The total job is £600. Do I pay tax on the whole £600 or claim back the £120 and pay tax on £480?

 

Thanks guys

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Which taxes are you talking about?

 

VAT, if you're registered, is charged on the £600 to the customer and then passed on by you to HMRC after you make your return.

 

Are you a sole trade/partnership/Ltd company etc? It all varies slightly. You really need an accountant to get you on the right track.

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