Spreadsheet to stay under VAT threshld

[rossirossi]

Hello all, wonder if i can get some help on choosing or designing a spreadsheet:

I run a holiday cottage business where the income comes from 1)renting cottages, 2) a small campsite. 3) electricity meters in the cottages, 4) the laundry room. Its to see how close i am to the VAT limit at any given time.

At the moment this is not easy for me to do as i can take a deposit today for a cottage that maybe for a holiday in December 2011 and i will not receive the balance until one month before that date. Same problem goes for the campsite.

I would also like to be able to check the total income for any given 12 month period whether it be feb-jan or oct-sept so i can easily asses if im staying under the magic £70k mark. I have excel but would like to know if theres a simple third party template for me to purchase. Thankyou in advance.

[MyAccountantOnline]

Why a spreadsheet?

If you are using any decent accounting package for record keeping you should be able to run off reports at any time showing turnover etc.

Spreadsheets have an awful habit of getting very messy and if you're keeping your own records anyway you'd just be duplicating work by re-entering the data on a spreadsheet.

[stugster]

Have a look at Solar Accounts. That'll do everything you want, and more. And it's easy.

You get a 60 day free trial as well, and if you chose to buy it, it's only £90 or something close. No recurring fees, unlimited companies. Does VAT return too should you accidentally have no choice but to grow your business ;)

[MyAccountantOnline]

Have a look at Solar Accounts. That'll do everything you want, and more. And it's easy.

You get a 60 day free trial as well, and if you chose to buy it, it's only £90 or something close. No recurring fees, unlimited companies. Does VAT return too should you accidentally have no choice but to grow your business ;)

As an accountant I'd second that recommendation - Solar Accounts is very good.

If you use an accountant they may be able to get this and any other package you may want to get an a slight discount for you.

[rossirossi]

Thankyou people! Exactly what i was looking for. Many thanks

[Andrew @ PLA]

I am a reseller of Solar Accounts, and on top of the 10% discount offer another £10 off if you sign up as a Self Assessment Tax Return client (presuming you operate as a Sole Trader).

If you'd like more information feel free to PM me for more information.

:)

[mr. mischief]

Do you realise that rental income is generally VAT exempt unless the freeholder has for some reason "opted to tax" the property? Or if it is dealt with under one of the exceptions under Schedule 9 Group 1, but the only 1 I can see where your post could even tenuously come under an exception is:

"The provision in a hotel, inn, boarding house or similar establishment
of sleeping accommodation."

[Scalloway]

VAT is chargeable on holiday accomodation. See section 5.1

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&id=HMCE_CL_000166&propertyType=document#P139_9897
(http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&id=HMCE_CL_000166&propertyType=document#P146_10651)

[mr. mischief]

So it is one of the exceptions - albeit there are exceptions to the exception such as exempt supply for rentals in the off season.

[spidersong]

So it is one of the exceptions - albeit there are exceptions to the exception such as exempt supply for rentals in the off season.

It's not an exception to the exception, it's HMRC accepting that although a building is primarily used as holiday accomodation there may be circumstances where its not used as such, if let in the off season as holiday accomodation then it's still holiday accomodation and still taxable.

If let for some other purpose i.e. a two month licence to use as 'normal' residential accomodation then it could be exempt, but there is no 'exception to the exception' specific to off season, it's the purpose its let for and the terms its let on.

And you need to look closer at Item 1 of Schedule 9 if your previous reading didn't notice these three items below the one you advocated as tenuously applying:
"(e)the grant of any interest in, right over or licence to occupy holiday accommodation;
(f)the provision of seasonal pitches for caravans, and the grant of facilities at caravan parks to persons for whom such pitches are provided;
(g)the provision of pitches for tents or of camping facilities;"