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Where Taxpayers and Advisers Meet

Search found 13 matches

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by UKtrader
Thu Feb 15, 2018 4:07 pm
Forum: VAT & Excise Duties
Topic: Didn't exclude VAT payment to HMRC from my profit
Replies: 1
Views: 567

Didn't exclude VAT payment to HMRC from my profit

Hello, I am a sole trader selling different products online with no tax experience, two years ago HMRC contacted me to send them all my takings between 2013-2016 as my turnover was over the threshod and I wasn't registered as VAT business, I was clueless didn't know what is VAT and how it works, I h...
by UKtrader
Mon Feb 12, 2018 10:21 pm
Forum: VAT & Excise Duties
Topic: VAT Threshold on different accounts with a same address
Replies: 5
Views: 764

Re: VAT Threshold on different accounts with a same address

Artificial Separation is where something that is essentially one business splits into separate entities in order to avoid VAT registration i.e. a single ebay business operating through two sole traders. HMRC will treat businesses with substantial financial, organisational, and economic links as one...
by UKtrader
Sun Feb 11, 2018 6:50 pm
Forum: Tax Investigations and Enquiries
Topic: Can I get a partial refund of my over payment to HMRC
Replies: 2
Views: 1384

Can I get a partial refund of my over payment to HMRC

Hello, I am a sole trader selling different products online with no tax experience, two years ago HMRC contacted me to send them all my takings between 2013-2016 as my turnover was over the threshod and I wasn't registered as VAT business, I was clueless didn't know what is VAT and how it works, I h...
by UKtrader
Fri Feb 09, 2018 9:07 pm
Forum: VAT & Excise Duties
Topic: VAT Threshold on different accounts with a same address
Replies: 5
Views: 764

Re: VAT Threshold on different accounts with a same address

Not really will come under artificial separation
Thank you for your answer could you please clarify what's artificial separation is this mean we can have both businesses registered to the same address without a need to register as VAT busines. Thank you
by UKtrader
Fri Feb 09, 2018 9:06 pm
Forum: VAT & Excise Duties
Topic: VAT Threshold on different accounts with a same address
Replies: 5
Views: 764

Re: VAT Threshold on different accounts with a same address

Thank you for your answer could you please clarify what's artificial separation is this mean we can have both businesses registered to the same address without a need to register as VAT busines. Thank you
by UKtrader
Fri Feb 09, 2018 7:40 pm
Forum: VAT & Excise Duties
Topic: VAT Threshold on different accounts with a same address
Replies: 5
Views: 764

VAT Threshold on different accounts with a same address

Hello, I am a sole trader selling online mostly shoes with a turnover just under VAT threshold, can my wife (a housewife) be a sole trader herself and start selling online as I do from the same address? if this is possible is this means that we are completely separate businesses and our turnover wil...
by UKtrader
Sat Feb 03, 2018 1:29 pm
Forum: Property Taxation
Topic: Who needs to pay tax
Replies: 3
Views: 663

Re: Who needs to pay tax

Your answer is very helpful Thank you very much have a nice weekend
by UKtrader
Fri Feb 02, 2018 8:53 pm
Forum: Property Taxation
Topic: Who needs to pay tax
Replies: 3
Views: 663

Who needs to pay tax

Hello, me and my wife are willing to buy our first home a 3/4 bed house (60% mortgage/40% Deposit our saving ) but I thought the best way to invest the money is to buy a small flat to rent out, the rent will pay 70% of our mortgage. I am a sole trader with a turn over under £85,000 a year, I don't w...
by UKtrader
Sat Sep 23, 2017 2:26 pm
Forum: VAT & Excise Duties
Topic: VAT and self assessment.
Replies: 5
Views: 6333

Re: VAT and self assessment.

Thank you for the answer, last question am I registered as VAT business now or not? I paid what I owed of VAT do I have to do anything else ? Thank you
by UKtrader
Mon Sep 18, 2017 7:37 pm
Forum: VAT & Excise Duties
Topic: VAT and self assessment.
Replies: 5
Views: 6333

Re: VAT and self assessment.

You are correct that the additional VAT liability will reduced your direct tax liability. I have dealt with several cases where refunds of tax were necessary. You should talk to your Accountant, and ask him how to adjust previously submitted Tax Returns. Only the VAT amounts will be adjustable, not...

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