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Where Taxpayers and Advisers Meet

Search found 177 matches

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by CG
Thu Sep 05, 2019 3:01 pm
Forum: VAT & Excise Duties
Topic: VAT Fuel Scale Charges
Replies: 2
Views: 182

Re: VAT Fuel Scale Charges

Ok - Thank you for clarifying that. I have looked at the last few VAT Returns and overall I think it would be of benefit to pay the fuel scale charge. Please can you tell me if I can start doing this from now or can this only be done when a there is a change of vehicle? Also, can I backdate for prev...
by CG
Tue Sep 03, 2019 9:41 am
Forum: VAT & Excise Duties
Topic: VAT Fuel Scale Charges
Replies: 2
Views: 182

VAT Fuel Scale Charges

Is it possible to use the VAT fuel scale charges when it benefits the business and not use the scale charge when your input tax is less than the scale charge - ie opt in and out each quarter depending on how much fuel has been bought? I can't find a definitive answer and the VAT helpline said all th...
by CG
Mon Jun 10, 2019 11:58 am
Forum: VAT & Excise Duties
Topic: Sole Trader VAT on Fuel
Replies: 5
Views: 1503

Re: Sole Trader VAT on Fuel

Hi - sorry to ask again, but I just want to make sure I put the correct figures in the Profit and Loss account. For fuel costs in the P & L - Do I just deduct the VAT reclaimed from the fuel receipts (whichever method I use) and then apply a business percentage to the balance? For repairs and mainte...
by CG
Wed Jun 05, 2019 10:49 am
Forum: VAT & Excise Duties
Topic: Sole Trader VAT on Fuel
Replies: 5
Views: 1503

Re: Sole Trader VAT on Fuel

Thanks for that - that's really clear.

Can I just check that for income tax I only take the business portion of the net cost of repairs and maintenance?
by CG
Tue Jun 04, 2019 6:25 pm
Forum: VAT & Excise Duties
Topic: Sole Trader VAT on Fuel
Replies: 5
Views: 1503

Re: Sole Trader VAT on Fuel

Thanks for your reply. As we use actual costs for motor expenses, don't we need to use actual fuel costs and apply a business percentage? Or are you saying we can also use approved rates from HMRC? I also understand you can claim all the VAT back on repairs and maintenance if there is some business ...
by CG
Tue Jun 04, 2019 5:35 pm
Forum: VAT & Excise Duties
Topic: Sole Trader VAT on Fuel
Replies: 5
Views: 1503

Sole Trader VAT on Fuel

I am advised that a sole trader can deal with the VAT charged on the fuel in one of four ways: Reclaim all of the VAT. You must use the fuel only for business purposes. Reclaim all of the VAT and pay the appropriate fuel scale charge - this is a way of accounting for output tax on fuel that your bus...
by CG
Fri Jan 25, 2019 8:11 pm
Forum: VAT & Excise Duties
Topic: Are Set Designer Floats Part of Turnover
Replies: 5
Views: 409

Re: Are Set Designer Floats Part of Turnover

No, no invoice raised.

To give you an example - a large proportion of the £9,000 float was paid to one company to provide walls and floor to the set.

Thanks for your help.
by CG
Fri Jan 25, 2019 5:06 pm
Forum: VAT & Excise Duties
Topic: Are Set Designer Floats Part of Turnover
Replies: 5
Views: 409

Re: Are Set Designer Floats Part of Turnover

Hi Thanks for your reply. Could they not be considered disbursements and therefore not taxable turnover? The floats can be up to £8,000 or £9,000 a time and are for the set designer to go to the prop houses etc to buy items for the set. So all items are bought on behalf of the production company. It...
by CG
Thu Jan 24, 2019 1:43 pm
Forum: VAT & Excise Duties
Topic: Are Set Designer Floats Part of Turnover
Replies: 5
Views: 409

Are Set Designer Floats Part of Turnover

Hi Does a set designer who receives floats, for productions to buy props etc, need to include the amount of the float when looking at turnover to see if they have reached the VAT Registration threshold? Also, do these floats form part of taxable turnover when preparing accounts, with the float then ...
by CG
Thu Jan 24, 2019 11:14 am
Forum: Income Tax
Topic: Use of Home, More Than One Business
Replies: 1
Views: 160

Use of Home, More Than One Business

Hi A long established partnership claims for use of home by apportioning expenses on the number or rooms and hours used basis. One of the partners has started a completely separate business, also run from home. Would he be able to claim simplified expenses for the number of hours he works on his new...

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