By Wilson Philips
The VAT is pre-registration VAT and since the goods have been sold it is not claimable.
HMRC- “If you pay for the goods or services after you have registered for VAT, claim the VAT, as though it was input tax, in the tax period in which you pay for them”.
By lionofludesch
Large enough to be counted as stock on deregistration ?-
Spreadbetting is gambling, so tax free in general. This would not be the case for Futures trading.
Unless you do it full time then it maybe taxable. However, if you lose money under those circumstances it is unlikely HMRC will allow the losses to be offset against another type of income.
Telephone check.
I had a telephone check today from HMRC which just checked the basic information (Utr, company name etc), nothing about individual employees. At the end of the call they said they were going to pay the money.
"So potentially each week could have a different 80 % gross pay figure"
HMRC said
If the employee has been employed for 12 months or more, you can claim the highest of either the:
same month’s earning from the previous year
average monthly earnings for the 2019-2020 tax year
If the employee has been employed for less than 12 months, claim for 80% of their average monthly earnings since they started work.
-I have assumed that we can replace 'month' with 'week' to get an accurate figure.
-This is what I have done for variable pay staff for my clients. Let's hope I haven't done the work for nothing.
My answers
By Wilson Phillips
I'd like to see the context - where did you see those words?
https://www.gov.uk/guidance/vat-cash-accounting-scheme-notice-731
By Wilson Philips
The VAT is pre-registration VAT and since the goods have been sold it is not claimable.
HMRC- “If you pay for the goods or services after you have registered for VAT, claim the VAT, as though it was input tax, in the tax period in which you pay for them”.
By lionofludesch
Large enough to be counted as stock on deregistration ?-
Its gone- there is no Stock!
Spreadbetting is gambling, so tax free in general. This would not be the case for Futures trading.
Unless you do it full time then it maybe taxable. However, if you lose money under those circumstances it is unlikely HMRC will allow the losses to be offset against another type of income.
andrew1211….sorry- GROUP Deregistration-does that change the answer?
On a webinar now- HMRC are saying that you can only make a claim every 3 weeks.
Telephone check.
I had a telephone check today from HMRC which just checked the basic information (Utr, company name etc), nothing about individual employees. At the end of the call they said they were going to pay the money.
"So potentially each week could have a different 80 % gross pay figure"
HMRC said
If the employee has been employed for 12 months or more, you can claim the highest of either the:
same month’s earning from the previous year
average monthly earnings for the 2019-2020 tax year
If the employee has been employed for less than 12 months, claim for 80% of their average monthly earnings since they started work.
-I have assumed that we can replace 'month' with 'week' to get an accurate figure.
-This is what I have done for variable pay staff for my clients. Let's hope I haven't done the work for nothing.
It is taxable.
I am charging for doing furlough calculations & claims as an addition to normal payroll as one way to cut down the work I need to do.
DJKL
WHY THE STRANGE RESPONSE?