Online VAT filing & HMRC C79s
Firstly happy new year all and all the best for 2012!
To get the ball rolling, my first question of 2012:
If you prepare VAT on cash accounting or otherwise, you can only reclaim input VAT on any imports once a valid HMRC C79 certificate has been produced.
So, say if you were to have nil outputs and nil inputs in a quarter and receive a HMRC C79 certificate for £100 VAT, your input VAT would be £100 in box 4 of the online filing VAT return with nil for output VAT (box 1), nil net outputs (box 6) and nil net inputs (box 7). In this example online filing check on the HMRC website generates a VAT error warning.
This is an extreme example for a case where usually a HMRC C79 certificate results in an input VAT claim in excess of the 20.0% 'maximum check' on the net inputs.
Do others have the same issue or is the outlined treatment above incorrect?
Any feedback is greatly appreciated,
- How would you account for warranty? 113 4
- LLP - Member leaving 88 5
- Sage 50 Accounts - Opening Bank Account Balance Posted to Nominal 9998 Suspense Account 382 22
- Sweet Tooth 131 6
- Personal returns late information - when to get tough? 1,016 13
- Error in 11-12 return done by previous accountant, do we have to offer them to correct or can I do and client reclaim cost 189 6
- CA self-employed income below personal allowance 157 2
- trading or dormant 95 2
- Goodwill ammortisation 85 1
- tax credits 119 5
- accruals and prepayments please help anyone out there 519 19
- Is there difference between when you state you will provide a specific provison and you will make a specific provision of £3200 against a partcular debt? 183 6
- When will Private Principal Residence Relief cut will start? 558 11
- Can rental income ever be trading income? 258 3
- Benefit In Kind Accommodation 108 1
- Tax Return Deadlines 191 3
- Foreign income for self employed 124 1
- Whats the best way to keep my accounts? 635 18
- Sage help...written off bad debt, done year end now bad payer wants to start to pay 82 2
- Who owns SAGE Data? 492 10
- Desperately seeking Susan, Sam or anyone with any other name 861
- Experience with Islamic investor following Sharia-compliant rules? 513
- Darwinpay Partnership Assessment 324
- How to format a stock book 303
- Tax efficient holding company structure 240
- S464A Charge to tax: conferring benefit & BIK 233
- Investment property company accounts template 223
- Outlook 2007 with business contact manager not loading on new laptop 217
- auto enrolment - calculation of first pension deduction 188
- RTI and Annual Directors Salary 158