Stuck on my first vat return

[Paulwatson32]

hello good people
I’m stuck on my first quarter vat returns I wonder can anyone tells me how much is my rough figure to pay to HMRC ?

Total sale £25000 ( 3 month )
Total vat pay out on invoices, stocks, utilities etc.. £2800

And if some one please tell us how it’s calculated it would be smashing

King regards
Paul

 

[STDFR33]

Have you considered using software? Software such as VT Cashbook is free.

 

[KAC]

Just not enough information. Engage an accountant

 

[Paulwatson32]

What you’d like to know ?
I do my vat and he do the rest
Plus , I’d need to get myself trained up rather than relying on accountant-

 

[Scalloway]

Do you invoice for your sales or are you paid cash?

 

[Paulwatson32]

It’s takeaway outlet , so Sales recorded on computer and stock I purchase is invoiced to business

 

[Scalloway]

The simplistic method to work it out is:

Sales VAT = 1/6*sales

Purchase VAT - add up the VAT you have been charged on purchases.

The difference is what you pay to HMRC.

Using accounting software your system should calculate all the VAT for you and submit it to HMRC with very little additional input from yourself.

 

[STDFR33]

It’s takeaway outlet , so Sales recorded on computer and stock I purchase is invoiced to business

You need to establish what you have sold, I.e is it standard rated or zero rated.

Whilst I admire your desire to learn, perhaps it is foolish to do this blindly when HMRC love to slap taxpayers with penalties and interest.

I’d recommend getting your accountant to set you up with a good bookkeeping package and if the VAT return is something you want to do, get them to walk you through the first one.

 

[youngtrepreneur]

Where in the country are you based.

I don't want to be accused of advertising services, but I'm all for helping people.
Being stuck with your VAT return can cause serious problems, penalties and/or overpayments.

Would be happy to set you up on quickbooks online and give you a hand if you like.

 

[Financial-Modeller]

OP, an accountant will probably do your VAT for £200 or less per year. Personally, I prefer to leave mine to do VAT so that I can concentrate on other things.

 

[Lavender2306]

hello good people
I’m stuck on my first quarter vat returns I wonder can anyone tells me how much is my rough figure to pay to HMRC ?

Total sale £25000 ( 3 month )
Total vat pay out on invoices, stocks, utilities etc.. £2800

And if some one please tell us how it’s calculated it would be smashing

King regards
Paul

Hi Paul,

Take-away food liability can be SR(standard rated) or ZR(zero rated):
hot take-aways - SR;
cold take-aways - ZR, with some exceptions.

If we assume that you charge 20%, SR, on all your food then:
Box 1 value = £4,166.67
Box 4 value = £2,800, assuming that you have valid evidence to support this amount.
Box 5 value = £1.366.67, payable to HMRC

Box 6 value is £20833
Box 7 value = net value of all your purchases

If you have any further questions, don't hesitate to ask.

Good luck!