Final VAT return | AccountingWEB

Final VAT return

I have to complete a final VAT return on deregistration and have a couple of queries:

1. The client is a clothing manufacturer and the made up stock includes both adults and childrens clothes.  If these are valued at cost of material then VAT has been reclaimed on this and I could see that this would have to be repaid.  If however they are valued at selling price then the childrens clothes would be zero rated and therefore no output VAT due.

2. Part of the stock is materials some of which were from abroad and no VAT was charged.  Does this need to be included in the value of stock and VAT applied to it? Technically would asssume it does as is was previously included in the VAT return as acquisitions.

How the various items are treated impacts on whether the client needs to account for the VAT on the stock bearing in mind the £1000 limit.

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It's a self supply..

spidersong |

Thank you very much for your

carol_ine |