that article was from June 2015.
I have read that you can claim 4 years on goods (you still own at the date of registration) and 6 months for services. BUT i have since read that HMRC want you to somehow proportion your claim down to reflect the value of the assets you could be claiming on. Has anyone else heard of this? here is the link. Its the "dave the decorator" section that i'm referring to.
In hide site this is what i would have done. Instead i told him to keep a close eye on his turnover figures as he was close to the threshold. I (wrongly) presumed he was then doing this.
At the time I advised the client to keep an eye on the turnover and explained the rolling monthly, but I didn't do a review at the time. Is that something I really should have done? Or is advising the client on the correct procedure enough?
Ultimately is this my responsibility? or theirs?
You have now :D
I will have a look this evening.
Yes i do feel they were very slap dash about how serious registering at the right time was. In the future i will make sure i try and pester clients more if i feel this could happen again.
Yes i do care about doing the right thing, and hearing that perhaps its not my fault will help me sleep a bit better!!
I will do everything i can to assist the client catch up. I hope hes not fined to heavily!!
Nothing about preparing vat returns in the LOE
In all honesty i feel terrible its been missed and somehow feel its my fault. I wanted to know what other advisers would have done in this situation? As the above mentioned, perhaps i could have done more?