Recent content by mwt.taylor88

  1. M

    VAT and EU

    Hi, I have just set up my company and not VAT registered. I understand that because of this I don't charge my customer VAT (until I approach £80k turnover and need to register). My question is if I am buying raw materials from the EU (Czech republic to be specific) will they charge me VAT...
  2. M

    VAT owed

    Thanks
  3. M

    VAT owed

    Probably not. Just did the standard VAT register procedure
  4. M

    VAT owed

    Is VAT owed on the invoices I issue or the invoices that are paid/money that comes into my bank account? I have some customers that I gave credit to who now don't look like they are going to pay. Do I still have to pay VAT on these? Thanks
  5. M

    Sage 50 Price list import

    I run a website that sells over 2000 products that vary in price. The suppliers that I use regularly change their prices and discontinue product lines. This means my prices in sage become out of date and I send a lot of time imputing new prices (very time consuming). Is there a way to import new...
  6. M

    Removing Shareholder/Director

    Hi All, A strange one here. An investor agreed that he was 100% in; he was putting in 25% of total start-up capital for 20% equity share. Before any money was transferred we set up the company and put this investor as a 20% shareholder and a director (all 4 investors are down as directors)...
  7. M

    VAT P&L Forecast

    Thanks for reply. So you are saying the only difference between cash flow end balance and P&L net profit should be the outsanding VAT owed to HMRC? Can I confirm VAT in calculated for 3 months and paid in the fourth?
  8. M

    VAT P&L Forecast

    Hi Bob, Yes we are VAT registered Thanks
  9. M

    VAT P&L Forecast

    Hi All, I have been told not to include VAT (payments or reclaims) in my forecast P&L. Is this right? I ask because when I look at my end balance for Y1 in my cash flow forecast and compare it to Y1 net profit in my P&L, my cash flow end balance figure looks too low when considering I...
  10. M

    P & L

    Hi All, I'm doing a forecast P & L for a business plan. Do I include start-up costs in the year 1 P&L numbers? Or is a P&L just a statement of what profit is made in that trading year. Whether I include start-up costs also affects what VAT is recorded in that year e.g. VAT return on start-up...
  11. M

    VAT Payed

    Hi All, I understand VAT is paid at the end of each quarter. I am currently doing a cash flow and there is a time lag of 1 month from when the sale is made to when money is received. When working out quarterly VAT on sales, do I use when the sale is made or when the money is received - the...
  12. M

    start up payroll

    Hi All, Background I am looking at setting up a company next year. To begin with there will be 2 employees, myself and my business partner (both directors). There will be another 2 silent shareholders however they will not be getting paid (dividends) for the first 2/3years as we want all the...
  13. M

    Start Up Payroll

    Hi All, I am looking at setting up a company next year. To begin with there will be 2 employees, myself and my business partner (both directors). I am trying to work out the most cost efficient way of paying ourselves as the first year is going to very tight. Does anyone have any tips I can look...
  14. M

    VAT Off-License

    Hi, Im looking at the possibility of setting up an off-license. Im trying to get my head round VAT. Do I:- - Pay 20% of alcohol revenues to the tax man. - Reclaim 20% of cost of alcohol goods. Also is it right that I don't have to registeer for VAT until I turnover £76k? This means is...
  15. M

    corporation tax

    is it paid in one lump sum?
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