Does anyone help me with Accounting for a client who is in the business of selling Plane Tickets. When I do the accounts do I show the whole Sales price as turnover or just the commission?
For VAT purposes, do I have to consider the full Sales Amount or just the commission? say if the Commission earned is less than £73k, can I avoid registering for VAT?
When the tickets are sold to the customer can the supplier charge VAT on it if he is registered for VAT, as ticketing is an exempt service for VAT? Also for an exempt trade ( travel ticketing), VAT can't be reclaimed on purchases right?
If he plans to add holiday packages - does he has to go on a Tour Operators scheme for VAT?
If you are in an Exempt VAT business , can you avoid registering for VAT even if your turnover is above the threshold? As you can't charge or reclaim any VAT?
Thanks for your help.
- What shall I reduce payments on account to? 76 2
- Deferred Tax Asset & Liability 362 9
- transferring from franchisee to ltd comapny 204 5
- Associated disposals - Entrepreneur's relief 140 2
- Merging my businesses 196 3
- Spousal transfer and PPR 560 19
- Where has Portia gone? 1,971 66
- Is it worth being a limited company if already a higher rate taxpayer? 457 8
- Is my client risking reputational damage? 336 9
- Sage Vat return box 2 326 1
- Holiday entitlement 576 11
- Do I have grounds to dispute our accountant’s fees? 485 12
- Performance measurement within accounting practice 320 7
- Capital allowances on taxis 142 1
- Are Sales to Germany considered VAT Taxable turnover for HMRC? 147 2
- New Client wants an Income Certificate for a Mortgage 927 21
- Can i reclaim tax if my fuel cost more than the AFR in a company car 226 3
- Sage line 50 payment before invoice date 210 11
- Best Tax / Accounts Production software 426 10
- Property Purchase in Daughters Name 358 9
- Services via intermediaries and new HMRC reporting requirements 791
- RTI - duplicate employee record 554
- Pensions Regulator 450
- How hard is it to reduce a code? 410
- Sanzar 313
- Portia ... Where art thou 303
- Digital marketing focus group 297
- How do you do it 292
- Kashflow balance sheet difference 271
- new investor structure 176