The client has erroneously been using FRS when they should have been using the standard method.
I am wondering how people deal with the following:
What are the main differences of Cash bashed (FRS) and cash accounting (standard VAT)? or they are same?
first of all let me say thank you to all who will reply and help me to solve this issue replying to my question.
This is the fact:
Company A owns 100 % company B, both are Ltd. Company A is registered for VAT, company B is not, although could be if it was recoverable in this situation.
I submitted the first VAT return for a new business with high set up costs. Therefore a significant repayment due. Gov website says this takes 10 days.
I am trying to gauge whether HMRC are changing their approach to cases where VAT has been deliberately underpaid (or HMRC think the action was deliberate).
The upper tribunal has reinforced HMRC’s VAT surcharge regime by overturning Trinity Mirror’s first tier tribunal victory.
A bad debt is bad news for any business. But are you aware that a VAT windfall can be claimed by a business that uses the flat rate scheme (FRS) and incurs a bad debt?
I have a new client and bit confused about his VT treatment.
A dentist client who also provide cosmetic (vatable) services.