vat /tax

[ustina]

when filling self employed tax return, should i include sale and purchase with vat or without? i am vat registered and paid 4300 till end if tax year.
total sale invo. 130000 included 20000vat....should i put 110000 0r 130000 as revenue....please help

 

[lesvatadvice]

Your year end figures, Annual Accounts and Self Assessment, are VAT-exclusive figures. (Otherwise you would pay tax on VAT!)

 

[cheaper accountant]

when filling self employed tax return, should i include sale and purchase with vat or without? i am vat registered and paid 4300 till end if tax year.
total sale invo. 130000 included 20000vat....should i put 110000 0r 130000 as revenue....please help

You need to use the figure 110000.

Hope you manage ok with the tax return

 

[cheaper accountant]

when filling self employed tax return

Are you a self employed sole trader? If so, this is the correct tax return pages to complete.

Just wanted to check as I see a lot of people who operate limited companies trying to complete the self employment pages of the tax return.

 

[ustina]

You need to use the figure 110000.

Hope you manage ok with the tax return

thank you very much for your help

 

[cheaper accountant]

You're very welcome. If you feel I've helped then I would be grateful for an expression of gratitude by clicking the thanks button on my post

 

[DJR51]

The above advice is all correct, provided that all the supplies you make are "taxable supplies" (i.e. subject to VAT at a positive rate, including the zero rate). Things get a bit more complex if any of your sales are exempt from VAT, because then some of the VAT on your expenses wouldn't be recoverable, and thus the irrecoverable VAT would be a genuine expense of your business and could be included on your tax return.

The figures you've quoted look like you charge VAT on just about all your sales, so hopefully this won't be an issue!

 

[internetspaceships]

You're very welcome. If you feel I've helped then I would be grateful for an expression of gratitude by clicking the thanks button on my post

A bit short of thanks are we?

 

[Paul_Rosser]

Your year end figures, Annual Accounts and Self Assessment, are VAT-exclusive figures. (Otherwise you would pay tax on VAT!)

Not always, if you are using the flat rate VAT scheme then your turnover is VAT inclusive and you can use any VAT paid to the HMRC as a deduction.