Unusual business model

[glasshouse]

What I would say is if unsure of weather to charge vat or not check and double check and confirm with your local vat office as if you get it wrong then you will be liable for any money due and no comeback on your customers

Been selling straw for 25 plus yrs

 

[d williams]

Been selling straw for 25 plus yrs

Could be a big bill then

 

[PSQ]

Could be a big bill then

But it would be limited to 7 years worth of accounts.

 

[glasshouse]

Could be a big bill then

Yawn

 

[fenhayman]

After WW11 up to 1960's Grandfather, thrashing contractor, provided thrashing set, steam engine and 8 men in exchange for straw.

 

[bravheart]

Yawn

It's no yawning matter what's being said here is right. You should add feed to the invoice to keep you right what the buyer then does with the straw is his problem or charge vat of course.

 

[glasshouse]

It's no yawning matter what's being said here is right. You should add feed to the invoice to keep you right what the buyer then does with the straw is his problem or charge vat of course.

So why hasnt my accountant flagged this in the last 30yrs?

 

[warksfarmer]

Rubbish
Straw is straw

It’s most definitely not.

 

[d williams]

It's no yawning matter what's being said here is right. You should add feed to the invoice to keep you right what the buyer then does with the straw is his problem or charge vat of course.

This exactly we had a situation here several years ago with a vat inspection we had a major refund due and it kicked off a inspection no problems he goes to the office all paperwork in check then called if it would be ok to call and see major purchases which refund was due on yes no problem come to the farm checked out all ok when he was there he asked about the invoices we were raised in relation to the bed and breakfast cattle we had on farm and asked why wasn’t we charge ing vat on invoices I explained that on advise from accountant that if we charged vat then if we sold farm then buildings would have to have vat added to them so don’t charge vat vat man takes this on board and to some extent agrees with my accountant but asked for more details as to what was involved in bed and breakfast work he then says I need to go away and consult others in office the man was very tidy and helpful he said he’d be back in touch within a week which he was saying you should have charged vat on said invoices I explained that no one was trying to pull a fast one and customer of said invoices was vat registered so would claim it back anyway
He then said that he would not be refunding the vat element on the value of said invoices I asked what could I do he said that if other parties agreed then a invoice for the vat element could be raised and if they wanted to could pay it if they didn’t they didn’t have to
Lucky the people we were dealing with had no problem in paying vat element and then getting a refund for it thankfully
Lesson check and double check if not sure could have cost tens thousands

 

[d williams]

So why hasnt my accountant flagged this in the last 30yrs?

Not your accountant responsibility

 

[glasshouse]

This exactly we had a situation here several years ago with a vat inspection we had a major refund due and it kicked off a inspection no problems he goes to the office all paperwork in check then called if it would be ok to call and see major purchases which refund was due on yes no problem come to the farm checked out all ok when he was there he asked about the invoices we were raised in relation to the bed and breakfast cattle we had on farm and asked why wasn’t we charge ing vat on invoices I explained that on advise from accountant that if we charged vat then if we sold farm then buildings would have to have vat added to them so don’t charge vat vat man takes this on board and to some extent agrees with my accountant but asked for more details as to what was involved in bed and breakfast work he then says I need to go away and consult others in office the man was very tidy and helpful he said he’d be back in touch within a week which he was saying you should have charged vat on said invoices I explained that no one was trying to pull a fast one and customer of said invoices was vat registered so would claim it back anyway
He then said that he would not be refunding the vat element on the value of said invoices I asked what could I do he said that if other parties agreed then a invoice for the vat element could be raised and if they wanted to could pay it if they didn’t they didn’t have to
Lucky the people we were dealing with had no problem in paying vat element and then getting a refund for it thankfully
Lesson check and double check if not sure could have cost tens thousands

Bed and breakfast is a service, not a product, so vat should be added

 

[glasshouse]

Not your accountant responsibility

He does the vat

 

[Hampton]

Just been sent this. I didn't realise running a combine was so cheap or maybe the straw is going to be dear. I would like to see how the business model stacks up
View attachment 969730

Hahaha, brilliant.
Do it. He’s a former cage fighter who has started contracting!
Sure it will all go smoothly

 

[d williams]

Bed and breakfast is a service, not a product, so vat should be added

We know that now
It only becomes that when your involved in preparing the bed or serving breakfast
If just the shed then no vat

 

[d williams]

He does the vat

Doesn’t matter your name on the return same as your tax return your liability not the accountant

 

[glasshouse]

We know that now
It only becomes that when your involved in preparing the bed or serving breakfast
If just the shed then no vat

Renting out a shed is not b and b

 

[d williams]

Renting out a shed is not b and b

Yes your right wrong advice from our accountant but maybe we didn’t give him enough information to give us the correct advice
Anyway you have been told that straw wants invoices drawn up correctly or face the music I couldn’t give a f**k what you do

 

[glasshouse]

Yes your right wrong advice from our accountant but maybe we didn’t give him enough information to give us the correct advice
Anyway you have been told that straw wants invoices drawn up correctly or face the music I couldn’t give a fudge what you do

Nice

 

[bravheart]

He does the vat

It's not the vat it's the wording of the invoice that matters does he create the invoices?

 

[bravheart]

Nice

The advice given on here is worth exactly what you paid for it.

but.......