After completing my latest bookwork I have come to realise that in the last tax year 16-17 I entered the VAT threshold after turnover of £86k .I do use an accountant and business advisor who actually wrote on my official tax report document that I am not registered for VAT. Stupidly I didn’t think to look at what the actual threshold was as I had complete trust in my accountant who I have used for the last 8 years of trading.
I am now panicking that after not being registered for over a year I am in for a huge bill? I am in shock that my accountant hadn’t told me with it being the first year of entering this figure that I now needed to register, he said on the phone he doesn’t know how he missed it and takes partial responsibility.
I have done my books for YE17-18 and I am now literally just under the vat threshold after only taking £82 this last year. What does this mean? Do I still need to register with it only being one year that I was over, I am very confused and don’t have trust/confidence in my accountant now. I am extremely anxious about a large bill coming my way.
any advice would be much appreciated.
Replies (5)
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To be clear the first time your accountant could have known is when you first gave him the books post event, if he has no ongoing access he could not have monitored monthly to calculate on which rolling month you may have exceeded the threshold.
You know, the biggest issue, between individuals etc, is the quality of communication.
Whilst this forum can and does have its uses, it is no substitute for the tangible outcome, of a face to face discussion.
You've explained your; concerns and grievances, in some detail on here. However, from what I can see, the only discussion, which should be taking place, is between you and, your accountant.
As you admit, you are a layperson. Given that starting point, your accountant should be able to; explain the situation, deal with any rectification and, resolve your concerns.
If, after those discussions have been concluded, you still do not have confidence in the outcome, then I suggest you go elsewhere, preferably by sound recommendation.