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#1 15-05-06 07:58:28

cat
Verified Member
From: leyland
Registered: 17-08-05
Posts: 388

vat

hi all

just done my tax return on line all done and dusted but can you tell me how do i claim vat back that i have paid on things for my business.

cath


Black Cat Driving School

catherine685@btinternet.com

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15-05-06 07:58:28

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Re: vat




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#2 15-05-06 09:03:57

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
Website

Re: vat

Hi
firstly you will need to be VAT registered,if you are then VAT paid on items bought will reduce the ammount of VAT you owe from each lesson you do, if you are a sole trader you will probably not need to be VAT registered and in a business where your customer is unlikely to be VAT  registered l would avoid voluntary registration as there is no advantage to be had.
Sue


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#3 16-05-06 17:35:17

Panjandrumbuilder
Guest

Re: vat

And don't forget, if you have filed your tax return online, the purchase values entered should have included the VAT element, i.e., the total cost including VAT.  smile

#4 16-05-06 20:09:26

Karenadi
Guest

Re: vat

Agree with Sue: is very complicated issue: VAT.  If you register for it, you have to charge it, then you submit VAT returns (complicated), then you get a refund/owe to the tax office, the difference between what you've paid and what you've collected.....

You don't have to deal with VAT unless your turnover is in excess of £59,000ish: I really think it would cost you more in hassle and accountants fees than you would gain from it: not recommended, just pay and forget it.  It comes into your non-taxable expenses anyway.

#5 17-05-06 10:31:39

Panjandrumbuilder
Guest

Re: vat

That's not quite right, as certain supplies are regarded as exempt for the purposes of VAT. One such group of supplies goes under the heading of 'education and certain types of training,' including the provision of driving lessons. As such, you wouldn't charge VAT to your pupils. If you did, you'd be uncompetitive with other driving instructors to the tune of 17.5%, or £3.50 on a £20.00 lesson.

Some instructors do choose to self-certify for VAT to improve their cash-flow, e.g., if they pay VAT monthly on car leasing and/or franchise deals, they can reclaim it and get a refund. However, I agree with the overall advice given not to self-certify on grounds of complexity.  smile

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