Member Since: 9th Apr 2015
3rd Sep 2019
Tom 7000 wrote:
Remember when you were doing accounts exams and the lecturer said.... Read the question and answer it....
I appreciate your comments but is it a or b?
Because I can't access that taxation article
I did give you the answer, it was B.
Tom 7000 wrote:
Ok, I found out and it works like this
You are about to raise your sales invoice 1000+200 vat. There's no vat as its reverse charge . You send them an invoice for £1000 only and the reverse charge statement on the invoice. When calculating the FRS vat to pay over you completely ignore this invoice.
Sorry, but you have that wrong. The invoice for £1000 should be included in your sales as part of the VAT inclusive amount. You will then have to pay your flat rate VAT percentage on this amount, so you will be worse off if remaining on the flat rate scheme.
2nd Sep 2019
Tom 7000 wrote:
How does Flat rate vat work with this?
a. Ignore the CIS invoices as exempt or
b. Suffer the flat rate on the net amount?
We have a difference of opinion in the office....
B. It won't be advantageous to remain on the flat rate scheme if CIS. The other thing to watch for is if there is a mix of labour and materials on the invoice the whole invoice is subject to reverse charge VAT.
22nd Jul 2019
Is this an old article being republished? The case is dated February 2017 and the Business Payment Support Service looks out of date.
I spotted the "old" number straight away. HMRC switched to 0300 200 numbers at least a couple of years ago, and dialing the 0845 will no doubt require an increase in your mortgage to pay for it. The correct number is 0300 200 3835
22nd Jul 2019
I do the invoicing for my client who will be affected by this, so presumably the invoice should read as follows:
To the contractor
250m fencing labour only @ £8 per metre £2000.00
VAT @ 20% 400.00
Total due £2000.00
Reverse charge wording.
Obviously I will have checked that the contractor is not the end user. Looks like I will need to set up an excel template as my current invoicing software won't be able to cater for the reverse charge.
22nd May 2019
Mark Telford wrote:
If you don't want to get on the cloud - no problem - just be aware that some of your clients will want to.
I only have one client out of approx 40 on cloud, and that's because she was already on it when I took it over. Not one client has requested it (granted I do all the bookkeeping) I'm not averse to it one iota, and if asked will provide it, but why should I force my clients to spend £10-£30 a month on software when I can cheerfully do the same in VT, at no cost to them?
1st Apr 2019
I have not yet found a cheap already read and MTD forVAT bridging product for which you can just pay a one off fee.
Vitaltax and Avalara are both free. Quite a few are around £40 a year NJ Technologies being one.
I'm not sure if not being registered will attract a fine in the first year, it may well do, but certainly there will be no policing of the MTD data process, so you may get away with entering a single sales figure and purchase figure. You will have failed to keep digital records though, which could well attract a fine if you get a VAT inspection.
26th Mar 2019
That is quite intrusive. I might be on a remote island in Papua New Guinea one week, in one of my other 7 homes in other countries in another week. It is none of HMRC's business where and from what device I send them data. Also many of have IP addresses which are not static and regularly change or might use a lap top one day and a computer for the next quarter.
I read it the same way you did, but on reflection, I think it's saying software suppliers will be fined for not sending any metadata, it's not saying it has to be the same metadata every time.
If the metadata doesn't match up with previously collected data, they will stall the refund and make further enquiries.
7th Mar 2019
I have just had a quick look at VT Transaction + for a manual-books client of mine to go onto - it does look very user friendly, and the annual sub quite cheap. Another software house (anagramsystems.co.uk) reckon VT won't be MVD compliant - a bit of a cheek if not the case and so I've emailed VT.
VT isn't MTD ready yet, but they are bringing a new version which will be ready in time for the first MTD submissions, which will be MTD compliant.
For single businesses using VT to submit they need the new version of VTT+ which will be £75 + VAT per annum. Agents using VT to submit for multiple clients will need VT accounts which will be £150 + VAT per annum.
If you've recently subscribed I would guess you wouldn't have to pay again for the MTD version.
5th Mar 2019
Avalara isn't on your list but isn't ready yet, which I'm surprised at tbh. I registered my interest months ago
4th Jan 2019
If the savings scheme also acts to defer the IT and NIC then I would say it is a fair cop as you can't argue staff are entitled to the money for NMW purposes but argue they are not for tax purposes.
But we don't know if this is the case yet as Mr Walker has withheld relevant facts - but presumably wants us to side with him regardless......
The money is deducted from their net pay every week and refunded on demand. A friend of mine participated in this scheme and found it helpful in putting money aside for Christmas.
If it was used to defer tax and NI the employee would get a bit of a shock when they only get 670 quidish of the 1k they saved on the week it was refunded.
This is a ridiculous stance from HMRC and needs to be killed dead.