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?
- S455 and February year ends 102 4
- HMRC having technical difficulties 640 16
- Mortgage Reference 738 10
- No PAYE Registration but need auto enrolment 329 8
- Taxation of sinking fund contributions 339 3
- RTI offline? 82 1
- Right To Manage Company 223 4
- Day allowance working in Qatar 112 1
- S.455 Tax again 221 1
- Marriage Allowance 81 1
- Giving shares away 271 6
- Entrepreneurs relief after enhancement 593 5
- Incorporate to utilise dividend allowance next year? 200 5
- Closing down loss-making company 358 4
- Where to post pension on sa100 161 4
- IR 35 Company - Timing issue 266 2
- Rent a Relief for small husband and wife run guesthouse 725 5
- VAT disaggregation 233 3
- What are HMRC implying? 649 2
- Ltd Company CIS Repayments 137 2