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Where Taxpayers and Advisers Meet

Didn't exclude VAT payment to HMRC from my profit

UKtrader
Posts: 13
Joined: Sat Sep 16, 2017 9:20 pm

Didn't exclude VAT payment to HMRC from my profit

Postby UKtrader » Thu Feb 15, 2018 4:07 pm

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 had to pay £30,000.00 +Penalties I made a loss for a period of two years due to my ignorance. Now I want to get back a partial of this payment as I over paid in my self assessment, the amount £30,000 wasn't deducted when I sent my tax return (2013-2014)it was sent as profit, is this means HMRC owes me £8700? £30,000 x 20% = £6000 and £30,000 x 9% (Class 4 NIC)= £2700. £6000 +£2700=£8700. Your helps is very appreciated. Thank you

pawncob
Posts: 4374
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Didn't exclude VAT payment to HMRC from my profit

Postby pawncob » Mon Feb 19, 2018 5:13 pm

Your current query doesn't sit well with previous postings:

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 will be separate too? if not this means we have to be VAT registered if are combined turnover exceed £85k. Your helps is very appreciated. Thank you

and it makes little sense.
With a pinch of salt take what I say, but don't exceed your RDA


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