[Finance] VAT returns

Official Old Man

Uckfield Seagull

Aug 27, 2011

8,542

Brighton

• Mar 18, 2021

• #1

Just sent mine in for Dec, Jan & Feb. I owe £67.64. Fair to say this is a heck of a lot less than normal and based only on takings as I've spent nothing in the past few months. It will be the same shortly for my tax return with only 20 weeks out of 52 when I've been working.

 

Pavilionaire

Well-known member

Jul 7, 2003

30,566

• Mar 18, 2021

• #2

This is the news we've all been waiting for.

 

N

NooBHA

Well-known member

Jan 13, 2015

8,584

• Mar 18, 2021

• #3

I am not really up on the day to day reporting of VAT.

Does anyone know how SEISS payments are to be treated for VAT Registered S.Emp people. Are they regarded as " Zero Rated " ?

 

Gazwag

5 millionth post poster

Mar 4, 2004

30,137

Bexhill-on-Sea

• Mar 18, 2021

• #4

NooBHA said:

I am not really up on the day to day reporting of VAT.

Does anyone know how SEISS payments are to be treated for VAT Registered S.Emp people. Are they regarded as " Zero Rated " ?

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It's outside the scope so can be ignored

 

Pavilionaire

Well-known member

Jul 7, 2003

30,566

• Mar 18, 2021

• #5

Gazwag said:

It's outside the scope so can be ignored

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Although the SEISS grant is treated as trading income and so IS liable to income tax and Class 4 National Insurance.

 

N

NooBHA

Well-known member

Jan 13, 2015

8,584

• Mar 18, 2021

• #6

Pavilionaire said:

Although the SEISS grant is treated as trading income and so IS liable to income tax and Class 4 National Insurance.

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Thanks . Yeh I knew it was taxable and NICable. I just wondered about its impact on VAT as I don't do much of the day to day admin issues on these things any more and most of my clients " Touring " stopped and not all of their Royalties alone keep them above VAT thresholds but Royalties plus SEISS payments might do.

 

withdeanwombat

Well-known member

Feb 17, 2005

8,696

Somersetshire

• Mar 18, 2021

• #7

I didn’t know it had gone.

 

S

Shropshire Seagull

Well-known member

Nov 5, 2004

8,496

Telford

• Mar 18, 2021

• #8

I deregistered for VAT last month.

Very happy to have completed my last VAT return especially as from Apr-22? HMRC are insisting on digital-only VAT returns that must come from an approved accounting package [not Excel]

 

Blinkers

Active member

Jul 8, 2020

147

• Mar 18, 2021

• #9

Shropshire Seagull said:

I deregistered for VAT last month.

Very happy to have completed my last VAT return especially as from Apr-22? HMRC are insisting on digital-only VAT returns that must come from an approved accounting package [not Excel]

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I use VitalTax which have an approved HMRC Excel add-in to electronically submit returns. They also have a free Excel template if you want, which is customisable. The first year was free and £12/year after. Takes 5 minutes to submit my flat rate returns each quarter.