First VAT return

[NewCourierSE]

Hi everyone,
I need to fill my first VAT return for the period from November 2010 to December 2011.
I was registered on December 2011 because of reached VAT threshold on November 2010.
We didnt have detailed stock records, but mostly we buy 0% VAT goods.

Zero rate goods - 80 %
Standard rate goods - 20%

Can I calculate like below ?
January 2011
Sale 8000.00 GBP

All purchases: 7304.52 GBP including
0% VAT - 5903.39 GBP
20% VAT - 1401.13 GBP (19% from all purchases)

8000.00 GBP x 19% = 1520.00 GBP
1520.00 GBP / 6 = 254.00 GBP
Input tax = 254.00 GBP

Before VAT registration we kept very simply sale records and I dont know how much we sale standards rate and zero rate goods.

Thanks for any advice.

 

[Zara Accountancy]

Hi, it is not clear to me as to what calculation you are doing to get your input tax and why you are calculating it in this way.

If your input VAT records aren't clear then I would suggest asking your accountant to submit your first VAT return and help you set up a system so you can submit subsequent returns.

 

[Scalloway]

You should still have your invoices as a VAT inspector may need to check them. To get VAT on purchases simply list the VAT on each invoice and total them. Doing anything else will incur penalties. If you don't have an invoice ( a copy will suffice) you cannot reclaim VAT.

 

[NewCourierSE]

Scalloway I know that rules.
The one thing I dont know is:
how to calculate my input tax for the period from the date of registration (November 2010).
I kept simply sales records and for example in January 2011 my sales was 8000.
How can i calculate input tax ?
I know if I sale only 20% VAT goods it is simply calculation.
8000 / 6 = 1333 (input tax)
But we sell mostly 0% vat goods.
My records was too simple to infer amount of 0% vat goods sold and 20% vat goods sold.

Any idea ?

 

[Scalloway]

You calculate input tax by adding up the VAT on the invoices you received for that period. There is no other way to do it.

 

[Scalloway]

Thinking again about this do you mean you need to calculate output tax on sales? There are special schemes for this.

http://www.hmrc.gov.uk/vat/start/schemes/retail.htm

 

[Homshaw]

What kind of business is it? There are a number of retail schemes

If you reached the VAT threshold November you had December to register and you need not have accounted for VAT until 1st January.

When you first register there may be stock, capital items, advertising you may be able to claim for - things that contribute to future taxable supplies. I agree with the previous poster you need help with the first one and take it from there