BBL AND VAT?

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I’m wondering if the BBL IS TO BE INCLUDED ON VAT quarterly returns and end of year tax 

Replies (8)

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chips_at_mattersey
By Les Howard
16th Jun 2020 20:10

I would exclude from Box 6 on your VAT Return..

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By Paul Crowley
16th Jun 2020 20:22

Just a normal loan. Ignore for all Vat purposes

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By Matrix
16th Jun 2020 20:22

The accounting and VAT treatment would follow the treatment of any bank loan.

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By WhichTyler
16th Jun 2020 21:08

Forehead, meet desk...

Thanks (6)
ALISK
By atleastisoundknowledgable...
17th Jun 2020 06:36

Depends for WHAT PURPOSES YOU PLAN to use the loan. And yes, that does MAKE THE RULES stupid.

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By bernard michael
17th Jun 2020 08:57

Why would you want to include it on a VAT or tax return . It's the same as any loan.

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By Truthsayer
17th Jun 2020 10:40

What you should do is pay Stamp Duty on the loan, then negatively capitalise it with a CR balance under fixed assets, then depreciate it (DR Accumulated Depreciation, CR Where Its Due) over the number of years you expect to live. Then subject it to Window Tax and a tithe to the Catholic Church.

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Replying to Truthsayer:
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By MykalW
17th Jun 2020 17:05

Ahahahaha

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