Recent content by DoubleE91

  1. DoubleE91

    My first B2B EU VAT sale, help please

    Great, I did have a feeling it was only within the UK that we could not zero rate. Good to know :)
  2. DoubleE91

    My first B2B EU VAT sale, help please

    Thanks. I am supplying goods not services, does that change anything? So the enforcement of VAT registered companies having to charge VAT to other VAT registered companies only applies UK<>UK, then? Do I still need to fill out the form for this sale?
  3. DoubleE91

    My first B2B EU VAT sale, help please

    Hi, I am recently VAT registered. 99% of my business is direct to consumer all over the world. I do some B2B outside the EU. So I am charging VAT to customers in the EU and then paying it to HMRC, and reclaiming VAT on my purchases. No B2B VAT experience yet as a seller. I am about to conduct...
  4. DoubleE91

    Help filling first VAT return

    Amendments: BOX 9 *but not the UK BOX 7 *and within the UK BOX 8 *private unregistered sales within EU but NOT the UK BOX 6 *plus UK sales Think I've got it right now?
  5. DoubleE91

    Help filling first VAT return

    Hi all, I recently registered for VAT even though I am under the threshold, as it will save me a lot of money (I previously paid VAT on all my raw materials, but my sales are mostly zero rated). I've been keeping track of figures needed for my first period but the return is asking for more...
  6. DoubleE91

    Accounting for VAT regarding Paypal and Shopify fees.

    Makes sense - thank you! I guess it hasn't been intuitive to me to look at it that logically because I'm not 'actually' charging my customers VAT. I.e their total price is still the same as before I registered, so I keep thinking of it as being my money.
  7. DoubleE91

    Accounting for VAT regarding Paypal and Shopify fees.

    Hi all, I recently registered for VAT. I'm wondering how to account for transaction fees? If I've charged somebody £12 cash I'd put £10 income on my tax return and £2 on my VAT return. But I just realised I only actually get £11.40 or so into my account for online sales, depending if payment is...
  8. DoubleE91

    VAT refunds bad? & other VAT Q's

    I'm actually a sole trader still, though I'll be moving to ltd with an accountant in the new year. But great, yep that's fantastic. Thanks for all the help :) I'll b able to get my pricing structure updated with this in mind now.
  9. DoubleE91

    VAT refunds bad? & other VAT Q's

    Was rounding numbers as an example, but I suppose £11.5 wouldn't have been any harder , hah. I've kind of had the personal allowance stuck at 10k in my head for a few years now :P
  10. DoubleE91

    VAT refunds bad? & other VAT Q's

    If somebody could just glance over these numbers to ensure I have this 100% understood that would be great! Using easy rounded figures say tax threshold 10k and 20% tax with no NI. Pre VAT reg: 35k US sales 10k EU sales 15k cost of materials Profit = 30k Report to HMRC 30k, taxed on 20k at 20%...
  11. DoubleE91

    VAT refunds bad? & other VAT Q's

    Thank you- that's very reassuring! One last question, I can't find a clear answer on this. Does a regular VAT refund get taxed? It's clear profit that I'd need to account for to run my business properly but I'm getting the impression I wouldn't put it on my regular tax return? I do understand...
  12. DoubleE91

    VAT refunds bad? & other VAT Q's

    I read a few things indicating that depending on your business structure, voluntary VAT registration can be financially beneficial. I realised this would apply to my business, as I pay VAT on all my raw materials but mostly make them into non-EU exports. My business is roughly 25% within the EU...
  13. DoubleE91

    Recording VAT for tax records

    Thanks, I'll do that. In my accounts as income i.e. taxable profit? So VAT refunds are only non-taxable in the future? Seems fair as I haven't been charging VAT through those purchase periods that I'll be backdating. Do I indeed need to go through previous records for this tax year and remove...
  14. DoubleE91

    Recording VAT for tax records

    Hi, I am a sole trader and I do my own accounts, they are fairly simple. I'm about to register for VAT voluntarily and am wondering how to account for it. So far I have just one accounting spreadsheet that puts my sales (on which no VAT is charged) against my expenses (including VAT) to...
  15. DoubleE91

    I want to make sure I understand VAT

    If your revenue is higher than your expenses, and you will charge customers VAT making products more expensive than they are now, then yes you will profit. You don't necessarily need to increase your prices by 20% either to make a profit. It depends on your margins. Going with the example...
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