quartly vat?

[charley91]

This may seem like a silly question but we are so confused- my husband owns his own ltd company and it is vat registered and has to pay his vat every 1/4 but he never knows how much he is going to have to pay. Is there any way we can get a rough estimate at how much it will be? Also how is our vat calculated? Thank you :)

[paultnl]

If you use Kashflow (there is a free trial) you can see your VAT liability in real time

[elainec100@cheapaccounting]

any good system will tell him this info - mine also gives an estimate of corporation tax and a div projection!

[*Lexxy*]

any good system will tell him this info - mine also gives an estimate of corporation tax and a div projection!

which system is that Elaine? :)

[elainec100@cheapaccounting]

which system is that Elaine? :)

my system - the one that I wrote :D:D:p

[Jenni384]

This may seem like a silly question but we are so confused- my husband owns his own ltd company and it is vat registered and has to pay his vat every 1/4 but he never knows how much he is going to have to pay. Is there any way we can get a rough estimate at how much it will be? Also how is our vat calculated? Thank you :)

VAT you owe is VAT you charge customers on your sales, minus the VAT you pay out on your expenses.

How do you keep your books and complete your VAT returns? As others have said, a decent system will give you a good idea as you go along.

[*Lexxy*]

my system - the one that I wrote :D:D:p

ah, a keep it to myself, not for public consumption type of thing! ok :)

[DFL Accountants Ltd]

Hi

You may be able to get a rough idea by working out the VAT you normally pay over to HMRC as a percent of your Sales in each quarter. This will not be accurate as on the whole the level of expenses are not directly related to the level of Sales, and Fixed Asset purchases will distort the figures further, however if you calculate this percent for the last 8 returns you may see an average ratio appearing which could be used as a very rough guide.

Otherwise, as others have stated if you use Bookkeeping Software you should be able to easily extract the info.

[elainec100@cheapaccounting]

ah, a keep it to myself, not for public consumption type of thing! ok :)

nope it is free to use - well for all our clients anyway!

[DuaneJackson]

As Paul says, if you use KashFlow (60 day free trial (http://www.kashflow.co.uk/starttrial.asp)) you see your VAT liability in realtime on the first screen when you fire up the software.

When I was running my first business that was growing fast, the VAT returns always came as a nasty surprise as it was so much more than last quarter. Hence the option to enable this feature being labelled "no more nasty surprises".