Extremely late VAT registration - Urgent help!

[ash213]

Once you determine the date of registration, the next question is whether VAT is payable on all your sales. For example, do yuo sell clothes designed for children (which would be zero rated)?
identify the sales at the standard rate. Since VAT is 20%, that is inclusive. So calculated 1/6th for the VAT due.

thank you

very good post!!

some of the stuff i sell is for children yes!

what i will do is work out when i hit 70k... then work out VAT on the incoming money then i will come back here to work out the rest...

so its when i hit 70k of money coming in...or 70k overall (money in and out)??

cheers

[towat]

Having read your posts I strongly recommend that you don't attempt to do this yourself, get an accountant to do it for you, it won't be that expensive and the savings will outweigh the costs. Also if you try to do it yourself then get an accountant to check it, it will probably cost more than if he did it himself from scratch as he won't have to unravel what you have done.

[Generix]

Out of curiousity...

Are the goods you are selling imported?

If so have you paid any import VAT/Customs Duty on the goods. If they have been declared on entry as samples/gifts which you have subsequently sold for commercial gain then you might have further issues with HMRC.