Sorry Rebecca, don't shoot the messenger and all that, but ...
2. "This means the data should not be retyped or copied by human hand once it has entered the system."
Yet more meaningless drivel (from HMRC). Are we really meant to believe if an item of data has been entered (whether imported or typed) incorrectly, that it cannot be 'retyped' correctly? Of course not, so what does it actually mean?
Speaking from a VAT point of view, I look over the books prepared by juniors and at first they were re-typing figures from one page to another and there were always errors. They have now been steered to use formulae and links and the error rate has plummeted.
In terms of error prevention, the best way is to put a number in once manually and let the system move it where it needs to. The system doesn't make errors (ha! says my luddite side), but every time we humans type something it introduces the potential for an error. In the good old days I used to have to summarise figures to a spreadsheet then manually type them onto the return with my typewriter. That extra step (I have no doubt) led to errors on tax returns because we go number blind after a while and transpose numbers, miss decimals and all sorts of other things.
Of course you still have to get the formulae right...
#Disclaimer#
The above text should in no way be taken to construe me actually approving of a HMRC change, no matter how much I agree with an aspect of it.
I've already paid for a break at the beginning of October and been charged 12.5% - Can I ask for a partial refund ??
I would contact them and say they have made a mistake and charged you too much VAT. If they argue link them to this article and hopefully that will clear things up.
Is someone able to clarify the position please if a business takes a deposit before 1st October but the customer doesn't pay the balance until the event takes place in say December. Does this mean that 5% VAT is due on the deposit and the balance paid in December will be at 12.5%. Or, does the fact that the booking was made and a deposit was paid before the rate increase on 1st October mean that the whole transaction would only be liable at 5%.
The general rule with tax points and deposits is that each payment/invoice triggers a tax point, so I would expect the deposit to be at 5% and the balance at 12.5%.
If you just have taxable and exempt supplies, no brainer, partially exempt, 3 pots, de-minimis, the whole nine yards.
If you add OS to the mix... I have never taken that into account on a partial exemption calc - I'm confident that that is correct when it comes to the pot, I'm now doubting myself as to items specifically attributable to OS supplies. So the electric I would split between taxable and exempt, but a part for a machine that literally only relates to the OS side of things (I'm not mechanical, so not sure of an example........ the... rubber stamp they use to say 'MOT'd'!), would I block recovery as it doesn't relate to a taxable supply?
Hmmmm
I know if you make B2B services outside the UK it is outside scope but with recovery for directly attributable items, but that's because the service would have been taxable in the UK. MOTs aren't, so does that prevent recovery?
Certainly I don't agree with HMRC in the above case as the partial exemption rules don't mention outside scope anyway!
That was a bit stream of consciousness due to the heat, so apologies if I have rambled or talked nonsense...
#Edit#
Meant to say - if a client only made OS supplies I would tell them they couldn't register for VAT, as they have no taxable supplies.
But if they only had taxable and OS supplies i would consider them fully taxable.
I might assume that in his or her lifetime the aforementioned sick accountant could reasonably expect to earn that of say an average of £100,000 a year for the next 40 years
Wish I'd worked for you when I qualified... I don't even know the word for how much more I would have earned (doubled, tripled, quadrupled... 'times'd by 5!').
There are a couple of people in my office who have said they won't be getting the vaccine. That just means I have an excuse not to take anything over to them, they'll get an email saying 'I've done you that letter, it's on reception'.
Luckily the people who I share a room with aren't idiots, so utilising the above plan I will never have to come into contact with the few who are.
My answers
It is starting to sound that way...
Speaking from a VAT point of view, I look over the books prepared by juniors and at first they were re-typing figures from one page to another and there were always errors. They have now been steered to use formulae and links and the error rate has plummeted.
In terms of error prevention, the best way is to put a number in once manually and let the system move it where it needs to. The system doesn't make errors (ha! says my luddite side), but every time we humans type something it introduces the potential for an error. In the good old days I used to have to summarise figures to a spreadsheet then manually type them onto the return with my typewriter. That extra step (I have no doubt) led to errors on tax returns because we go number blind after a while and transpose numbers, miss decimals and all sorts of other things.
Of course you still have to get the formulae right...
#Disclaimer#
The above text should in no way be taken to construe me actually approving of a HMRC change, no matter how much I agree with an aspect of it.
I would contact them and say they have made a mistake and charged you too much VAT. If they argue link them to this article and hopefully that will clear things up.
The general rule with tax points and deposits is that each payment/invoice triggers a tax point, so I would expect the deposit to be at 5% and the balance at 12.5%.
What if they do it in front of you, it's not a suspicion then so you don't have to report it? ;)
Gosh that was jolly rude.
If you just have taxable and exempt supplies, no brainer, partially exempt, 3 pots, de-minimis, the whole nine yards.
If you add OS to the mix... I have never taken that into account on a partial exemption calc - I'm confident that that is correct when it comes to the pot, I'm now doubting myself as to items specifically attributable to OS supplies. So the electric I would split between taxable and exempt, but a part for a machine that literally only relates to the OS side of things (I'm not mechanical, so not sure of an example........ the... rubber stamp they use to say 'MOT'd'!), would I block recovery as it doesn't relate to a taxable supply?
Hmmmm
I know if you make B2B services outside the UK it is outside scope but with recovery for directly attributable items, but that's because the service would have been taxable in the UK. MOTs aren't, so does that prevent recovery?
Certainly I don't agree with HMRC in the above case as the partial exemption rules don't mention outside scope anyway!
That was a bit stream of consciousness due to the heat, so apologies if I have rambled or talked nonsense...
#Edit#
Meant to say - if a client only made OS supplies I would tell them they couldn't register for VAT, as they have no taxable supplies.
But if they only had taxable and OS supplies i would consider them fully taxable.
Rightly or wrongly :)
Wish I'd worked for you when I qualified... I don't even know the word for how much more I would have earned (doubled, tripled, quadrupled... 'times'd by 5!').
What the flip are you a Doctor of?
#Just Googled Dr Fauci, he's a pro-immunisation doctor in the US... I'm confused#
There are a couple of people in my office who have said they won't be getting the vaccine. That just means I have an excuse not to take anything over to them, they'll get an email saying 'I've done you that letter, it's on reception'.
Luckily the people who I share a room with aren't idiots, so utilising the above plan I will never have to come into contact with the few who are.