Backdated voluntary VAT registration and final accounts
I note it is possible to backdate a voluntary VAT registration for up to 4 years.
Could someone help me by setting out the basic principles for the following situation.
Given that accounts for a non-VAT reg business are prepared in a different way - for example, purchases would go into P&L a/c inclusive of VAT; capital expenditure would begin its life at its VAT inclusive cost ...
If the business has been ticking over for one or two years and is subsequently VAT registered, backdated to include these earlier years, what are the implications for stock valuations, fixed asset valuations in the current years accounts?
Do the previous years accounts have to be amended, or can it all be dealt with in the current years accounts?
- not self employed since March 2011 now received a penalty for late tax return for year 2012-13 241 10
- Dress code 157 6
- Help Required 331 9
- directors control and tax problems 167 5
- Fastest Software 760 13
- FILING COMPANY ACCOUNTS 928 28
- What's in a name ? 297 5
- Straightforward email correspondence or PDF letter attached to blank email? 230 4
- What quality paper do you use for correspondence? 423 15
- Bulk Invoicing 167 6
- What would you do in this situation? 539 12
- Travel and Substinance expenses while abroad 148 3
- Self Employed Self Assessment: Capital Allowance and Car Lease/HP 242 2
- ATED Penalties 272 1
- late second payment on account 170 2
- US royalties 96 2
- Project being run jointly 137 2
- Reclaiming overpaid employer NI contributions 182 2
- Sole trader mix up 305 4
- Vat on 'pig slurry' - palatable subject I know! 753 6
- CTA study material 702
- Anyone have clients that use Pay4Later to offer customers credit? 425
- Employment related securities question 268
- AIM Stocks and IHT 246
- Tax Relief for overseas employees 200
- Trust for Employee 187
- Expat pension contributions? 186
- Raiders of the Lost Tax File 174
- Quickbooks losing VAT return data 158
- Recommendations for Ross Martin Tax consultancy 2014 138