I was always taught to leave the odd deliberate mistake in as VAT inspectors get frustrated by perfect books and are usually happy and less difficult if they find something especially if it is in their favour. You get inspected less often
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| Author: | grandad [ Thu Jul 05, 2018 2:40 pm ] |
| Post subject: | VAT inspection |
We have just had a VAT inspection, our last one was in 2009. It has been quite an intense morning but only one error was found and that was in May this year when we had put the rent for our office down twice. We had been claiming quite a large refund for this quarter from the purchase of 2 vehicles so that has now got to be reduced by £55.00. It is good to get an inspection once in a while just to keep you on your toes and to check that what you are doing is correct. |
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| Author: | Nidge2 [ Thu Jul 05, 2018 3:30 pm ] |
| Post subject: | Re: VAT inspection |
grandad wrote: We have just had a VAT inspection, our last one was in 2009. It has been quite an intense morning but only one error was found and that was in May this year when we had put the rent for our office down twice. We had been claiming quite a large refund for this quarter from the purchase of 2 vehicles so that has now got to be reduced by £55.00. It is good to get an inspection once in a while just to keep you on your toes and to check that what you are doing is correct. Haven't you got the company divided between your missus, you and your son? It will lessen the VAT and take you under the threshold. |
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| Author: | grandad [ Thu Jul 05, 2018 3:35 pm ] |
| Post subject: | Re: VAT inspection |
Nidge2 wrote: grandad wrote: We have just had a VAT inspection, our last one was in 2009. It has been quite an intense morning but only one error was found and that was in May this year when we had put the rent for our office down twice. We had been claiming quite a large refund for this quarter from the purchase of 2 vehicles so that has now got to be reduced by £55.00. It is good to get an inspection once in a while just to keep you on your toes and to check that what you are doing is correct. Haven't you got the company divided between your missus, you and your son? It will lessen the VAT and take you under the threshold. The company has 3 directors and I am NOT one of them. It would take an awful lot of work to have everything set up as 3 different companys. With our turnover it would be hard to split things and remain under the threshold for any individual part. With replacing old cars with brand new we claim back quite a bit of VAT through the year so our net VAT for a year is about £6,000 |
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| Author: | Nidge2 [ Thu Jul 05, 2018 4:29 pm ] |
| Post subject: | Re: VAT inspection |
Ah right worth a thought though as one massive Company round here is split into 5 different companies to off set his VAT liabilities. |
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| Author: | edders23 [ Thu Jul 05, 2018 5:21 pm ] |
| Post subject: | Re: VAT inspection |
I was always taught to leave the odd deliberate mistake in as VAT inspectors get frustrated by perfect books and are usually happy and less difficult if they find something especially if it is in their favour. You get inspected less often
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| Author: | heathcote [ Thu Jul 05, 2018 6:43 pm ] |
| Post subject: | Re: VAT inspection |
grandad wrote: Nidge2 wrote: grandad wrote: We have just had a VAT inspection, our last one was in 2009. It has been quite an intense morning but only one error was found and that was in May this year when we had put the rent for our office down twice. We had been claiming quite a large refund for this quarter from the purchase of 2 vehicles so that has now got to be reduced by £55.00. It is good to get an inspection once in a while just to keep you on your toes and to check that what you are doing is correct. Haven't you got the company divided between your missus, you and your son? It will lessen the VAT and take you under the threshold. The company has 3 directors and I am NOT one of them. It would take an awful lot of work to have everything set up as 3 different companys. With our turnover it would be hard to split things and remain under the threshold for any individual part. With replacing old cars with brand new we claim back quite a bit of VAT through the year so our net VAT for a year is about £6,000 Your £6,000 vat is about £5,999 more than Uber pay on their mega turnover compared to yours. |
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| Author: | roythebus [ Thu Jul 05, 2018 9:06 pm ] |
| Post subject: | Re: VAT inspection |
I wonder how much VAT your company would have paid had it not been registered? The numptys never think about that! |
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| Author: | Sussex [ Thu Jul 05, 2018 9:36 pm ] |
| Post subject: | Re: VAT inspection |
grandad wrote: to be reduced by £55.00. Poor old Grandad. Talking of VAT, if you (as owner/part owner) work one of your cabs, do you have to charge VAT on your jobs? |
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| Author: | grandad [ Fri Jul 06, 2018 8:17 am ] |
| Post subject: | Re: VAT inspection |
Sussex wrote: grandad wrote: to be reduced by £55.00. Poor old Grandad. Talking of VAT, if you (as owner/part owner) work one of your cabs, do you have to charge VAT on your jobs? If I were just employed for my office work and self employed for any driving work then because I, as an individual, am not registered for VAT then I would not account for VAT. We have 2 drivers who are employees for doing school contracts and self employed for their cash work. We account for VAT on 100% of the school work and also account for VAT on the money they pay the company for the use of the vehicle whilst doing cash work. |
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| Author: | wannabeeahack [ Fri Jul 13, 2018 7:05 pm ] |
| Post subject: | Re: VAT inspection |
Nidge2 wrote: Ah right worth a thought though as one massive Company round here is split into 5 different companies to off set his VAT liabilities. no... it all adds up the same, and there are no allowances like income tax, no point having 5 vat registered companies, youd only get a bigger bill from the accountant and each Ltd company would need audited accounts at over £1000 a pop |
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| Author: | edders23 [ Fri Jul 13, 2018 7:28 pm ] |
| Post subject: | Re: VAT inspection |
used to be one like that in Peterborough; company was divided into 5 separate units each one under the VAT threshold till they got inspected got a £23000 VAT bill and done for illegal slot machines in the office IIRC (20 years ago) suffice to say business doesn't exist now You can only have separate businesses if they each carry on a completely different business than the others. If the VAT inspect them and decide there are two very similar businesses they'll have a field day |
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| Author: | wannabeeahack [ Fri Jul 13, 2018 10:13 pm ] |
| Post subject: | Re: VAT inspection |
the VATman (C&E especially) are dead touchy over frauds like the the trade in wines, spirits and booze where loads transported from had the VAT reclaimed/excluded, trouble was the 10 artics a DAY going across the channel were always the same trucks, the goods got vat rebated (as exported goods) and the then sold here cheap... https://www.thedrinksbusiness.com/2017/ ... tax-fraud/ Mobile phones are weird... that "free" phone you got with a new contract? its worth £250-£400 so a firm buys them in, GIVES them away and reclaims the VAT Or the reverse.... https://www.thetimes.co.uk/article/phon ... 9mspmtrp7x then theres gold... but thats another story |
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| Author: | wannabeeahack [ Sat Jul 14, 2018 5:58 pm ] |
| Post subject: | Re: VAT inspection |
The London City Bond fraud, which led to the loss of at least £340 million in revenue and probably many millions more, had its origins in an EU directive introduced as part of the Single Market in 1993. The directive was "fatally flawed" as a method of ensuring compliance with the regulations, Mr Justice Butterfield reported yesterday. "It was not really a control system at all: it was an audit system enabling the EU fiscal authorities, inspecting the documentation long after the transaction had been completed, to check whether what should have happened months earlier had in fact taken place." Duties do not have to be paid on alcoholic drinks while they are stored in bonded warehouses. Goods may also be moved to other warehouses or exported without payment of duty. Fraudsters soon realised that they could buy bonded goods without paying duties, generate false paperwork showing that the goods were being exported, and then sell them through cash-and-carry outlets in Britain. With the average duty on a container-load of spirits in the mid-1990s amounting to about £100,000, profits from this "diversion fraud" were enormous. |
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| Author: | toots [ Tue Sep 11, 2018 9:34 am ] |
| Post subject: | Re: VAT inspection |
heathcote wrote: grandad wrote: Nidge2 wrote: grandad wrote: We have just had a VAT inspection, our last one was in 2009. It has been quite an intense morning but only one error was found and that was in May this year when we had put the rent for our office down twice. We had been claiming quite a large refund for this quarter from the purchase of 2 vehicles so that has now got to be reduced by £55.00. It is good to get an inspection once in a while just to keep you on your toes and to check that what you are doing is correct. Haven't you got the company divided between your missus, you and your son? It will lessen the VAT and take you under the threshold. The company has 3 directors and I am NOT one of them. It would take an awful lot of work to have everything set up as 3 different companys. With our turnover it would be hard to split things and remain under the threshold for any individual part. With replacing old cars with brand new we claim back quite a bit of VAT through the year so our net VAT for a year is about £6,000 Your £6,000 vat is about £5,999 more than Uber pay on their mega turnover compared to yours. I wish my VAT bill was £6K
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