Recent content by Galactus2024

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    VAT online retail question - startup

    Hi Minimad99 If you are not registered for VAT your sales invoices should show the total price you wish to charge with no mention of VAT. So if you purchase an item from a VAT registered business and you pay say £15.00 + VAT £3.00 total £18.00 and wish to make a 2% profit you will charge your...
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    Redeeming from SIPP

    Withdrawal from SIPP's is treated as income therefore subject to tax at normal rates, however, I believe you are allowed a percentage drawdown free of tax but you need to talk to your SIPP provider who will know the correct figures. I did exactly what you are doing and found out the exact tax...
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    employing an accountant to vet the statutory accounts of a community benefit society.

    We possibly need to obtain an accountants report but as an alternative may need an accountant to produce the statutory accounts from our quickbooks figures.
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    employing an accountant to vet the statutory accounts of a community benefit society.

    How do we go about finding an accountant who has experience of handling a community benefit society's statutory accounts run under the Charity and Community Benefits Society's act of 2014, controlled by the FCA and based on the quickfile accounting programs?
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    Treatment of Purchased Software for tax purposes

    The depreciation or amortisation in the accounts is NOT reflected in the corporation tax but is done on a fixed percentage (not sure what is current) as a reducing balance so in theory the software will never be fully amortised for tax purposes and will remain way past being written off in the...
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    I think I found a balance calculation issue with my bank.. is this common?

    That presupposes that they have a company name as well, I try to help where possible!
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    I think I found a balance calculation issue with my bank.. is this common?

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    I think I found a balance calculation issue with my bank.. is this common?

    Hi Karimbo, I cannot help you with your current problem but my company banks with the Co-op and I found out very quickly that it is better NOT to wait for the statements. Are you aware that there is telephone banking with the Co-op? Basically you ring a telephone number and can access todays...
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    VAT on sale of paintings created by local artist

    good morning Scalloway, I now have a print(old fashioned) of the whole of section 47 of the VAT act 1994 and am working my way through the nuances of handling the commission received for VAT purposes. I am so grateful for your help, although I have handled VAT for many years it never ceases to...
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    VAT on sale of paintings created by local artist

    Hi Scalloway, Thank you for your information. Following your comments does that mean that I am OK to proceed to sell his paintings through the shop as a disclosed agent providing I follow your instructions and if so I pay 20% VAT on the commission earned by the shop?
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    VAT on sale of paintings created by local artist

    That is the logical answer but I could not find any HMRC VAT help that provided that solution which is why I decided to try the UK business forum for help. Unfortunately there is nowhere on HMRC that enables contact with this sort of question.
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    VAT on sale of paintings created by local artist

    I am the accountant for a Community Benefit Society, which started trading in March this year. We are a village shop created to provide the local area with a place to purchase food, drinks and household goods. We are run by volunteers one of whom is an artist. He is considering selling his...
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    VAT on Old Office Kit

    If you analyse your entries you will have recovered VAT on the purchase price three years ago so if you sell for £300 you will need to account for VAT on that sale as that is effectively your "profit". So as stated by others if its a vatable supply then VAT needs to be charged.
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    Simple stock control

    good afternoon Daybooks, Thank you for your reply to my post. I am in the very fortunate position that I can enlist two mathematics graduates who have extensive Excel knowledge but wanted to see if I could do it myself first or find someone to help. I now realise that this will not be possible...
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    Simple stock control

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