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?
- ACCA, ACPA, IFA, ICPA 498 6
- Bookkeeping software for cafe and VAT 110 2
- How do we get US withholding tax back? 299 5
- US Sales Tax 105 1
- Does SMP and SPP go up if leave goes across 2 tax years? 359 15
- Anti- Money Laundering - CIMA Practising Certification Application 193 3
- Simplified auto enrolment? 109 1
- Group Relief 121 4
- R&D Credits 96 1
- Is the annual Money Laundering Payment tax allowable 236 7
- VAT Reg.for sole trader with 2 S/E 99 2
- Clients 669 14
- Advice needed on my practice but not my clients 280 4
- Leaving the flat rate scheme 121 3
- Starting new accounting business 280 5
- Is a property owner charging a peppercorn rent to a limited company acceptable 456 10
- Sage Payroll 112 1
- SAGE 50 - Invoice Date 109 2
- VAT flat rate scheme 427 8
- Tolley UK sales number 212 7
- QROP pension input amounts 492
- HMRC BENCHMARK EXPENSES 476
- write off loan or loan to equity swap or both 439
- EPS and CIS deductions 293
- Sole trade business in UK, but the owner works from EU 285
- Construction CIS LLP Company 276
- Stamp duty on house transfer between spouses 241
- SAGE winforecast 198
- Lets hear it for HMRC! 194
- LIVE: Budget aftermath webinar 182