VAT

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Can anyone help me with the following:-

Can a business de-register from VAT if sales in the UK fall below a certain level?
Would the answer be if the businesses annual turnover falls below 61k they can deregister.
Say they had sales in the Eu which exceeded 61k can they still deregister?

What penalties can HM Customs & Excise apply in certain situations?
Would this be.
1. Where you submit an inaccurate VAT return
2. Where you have not submitted a return

What is the Tax Point?
Would this be that the tax point on an invoice is the date in which VAT is due

Any help Please

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT

    Try the HMRC Website (link below). It has a lot of useful information and should cover all your questions.

    http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_Home

    Rgds
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT

    Hi

    If you get hold of a copy of the VAT700 guide all of the answers you require will be in it.

    If the VAT return that has been submitted is inaccurate to a maximum of £2000 then these amounts can be adjusted for on the next vat return.

    If you do not submit your VAT return on time, you get a warning, then you get interest added to the late return, then they have the power to begin proceedings to wind the company up (I have experienced this for a company I worked for once), they can also issue a levy on the company, whereby an amount devised by the Inland Revenue (based on prior returns) has to be paid, and it is kept by the Revenue so that if your future payments are late, they already have monies from you.

    The Tax point is the invoice date.

    Hope this is of some help, but request a copy of the guide.

    Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT

    Thanks
    I will try and retrieve a copy.

    Hellboy

Categories

Privacy Policy