jonnyporter started this topic @ 19:24 on 26/01/2007
My company has been operating under the VAT threshold for nearly 4 years, but has now gone over it at end Dec, so I have applied to be regd from 1st Feb.
I am now thinking about getting the info together for recovery of input tax on pre-registration expenses.
I'm also pretty sure the flat rate scheme would benefit me, but there are 2 questions in relation to this.
Firstly should I wait until after my first VAT return so as to be able to claim the input tax on pre-reg expenses?
Secondly, there is no category for my field specifically which is web design and development. The closest to what we do is perhaps 'Computer and IT consultancy or data processing' (13%) but its not what we do exactly, and it would be more advantageous if our category was 'Business services that are not listed elsewhere' (11%)
Also, how often does one do a VAT return if not on the FRS, or can you choose monthly, quaterly or annually?
Is there any incentive for online returns?
RE: VAT Registration and Flat Rate scheme help needed
James Smith | 29/01/2007 11:59 AM
Jonny,
To answer your questions:
Firstly should I wait until after my first VAT return so as to be able to claim the input tax on pre-reg expenses?
>>>no need. You can do the pre-reg even on the flat rate scheme.
Secondly, there is no category for my field specifically which is web design and development. The closest to what we do is perhaps 'Computer and IT consultancy or data processing' (13%) but its not what we do exactly, and it would be more advantageous if our category was 'Business services that are not listed elsewhere' (11%)
>>>Question for your accountant. "I do like the Business services that are not listed elsewhere" but you need to be careful here.
Also, how often does one do a VAT return if not on the FRS, or can you choose monthly, quarterly or annually?
>>quarterly, but there is an annual scheme which quite honestly is best avoided.
Is there any incentive for online returns?
>>its a lot easier and you get longer to pay.
Hope that helps.
Regards,
------------------------
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
