VAT Reclaims

[Mounty]

Don't know if this is right section ?

We do our VAT reclaims quarterly. Just wondering if you can do a 'one off' claim in the interim. Got £100k of VAT to pay for something and didn't really want to wait another 3 months to get it back.

 

[Clive]

its easier just time big purchases to match vat periods

don't think you can alter frequency to suit, once you are on monthly I expect they would want you to stay monthly

 

[Will Blackburn]

Think you would have to go monthly.

 

[Mounty]

Right, thought so. Was trying to time it with our normal reclaim but a hold up from the other end meant it just missed !!

 

[Dry Rot]

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/vat-enquiries

 

[chipchap]

Right, thought so. Was trying to time it with our normal reclaim but a hold up from the other end meant it just missed !!

If you had raised the VAT issue with your supplier as part of the negotiations for the deal, and it was their fault the deadline was missed, it would not be unreasonable to expect your supplier to wait 3 months for the VAT element of the purchase. After all they will not be paying the VAT to the revenue until then if they are on quarterly payment too.

 

[Mounty]

Ordinarily yes, but this was a property deal and that line of thought didn't wash. Solicitors wouldn't complete on the deal without all the VAT.

 

[neilo]

Why not just go monthly and be done with it?

If you are keeping your own accounts on pretty well any software package, doing the VAT return at the end of the month takes no more than 5 minutes and a few clicks. It takes me longer to dig out the username & password to enter, than it does to file the return. I struggle to see any downsides, unless you are charging VAT out on much (which I guess might be the case for the OP).

 

[Goatherderess]

Why not just go monthly and be done with it?

If you are keeping your own accounts on pretty well any software package, doing the VAT return at the end of the month takes no more than 5 minutes and a few clicks. It takes me longer to dig out the username & password to enter, than it does to file the return. I struggle to see any downsides, unless you are charging VAT out on much (which I guess might be the case for the OP).

I have exempt and partial vat business within the farm and the vat can get a bit complicated so I get the accountant to do it (my thinking is that the vat man will know the accountant does it 100% right whereas I will probably get something wrong and I'll get an inspection). I do it all on a spreadsheet but am thinking that I should be able to do it with an accounts package - what is the easiest and cheapest and compatible with accountants? (sorry OP to hijack)

 

[Mounty]

VAT on everything we do.

 

[S J H]

Ordinarily yes, but this was a property deal and that line of thought didn't wash. Solicitors wouldn't complete on the deal without all the VAT.

Why is there vat on the property out of interest @Mounty ?

 

[Mounty]

VAT applies on commercial property less than 3 years old.

 

[Forever Fendt]

Ordinarily yes, but this was a property deal and that line of thought didn't wash. Solicitors wouldn't complete on the deal without all the VAT.

I bet that pee'd you of having to pay stamp duty on the vat, it would me

 

[Forever Fendt]

VAT applies on commercial property less than 3 years old.

And any that opted to tax, so when the next buyer pays and reclaims the vat you pay stamp duty on the vat element

 

[Mounty]

I bet that pee'd you of having to pay stamp duty on the vat, it would me

Correct. Its a feckin joke. Because its also paid on the VAT, it more than doubles the stamp duty due to how the bands work.

 

[Forever Fendt]

Correct. Its a feckin joke. Because its also paid on the VAT, it more than doubles the stamp duty due to how the bands work.

tax on top of tax

 

[YorkshireAndrew]

Has anyone here changed their quarterly vat accounting period by a month i.e. moving it forward ?

 

[5020man]

Hi.
Yes.
5020 man.

 

[Penmoel]

Has anyone here changed their quarterly vat accounting period by a month i.e. moving it forward ?

I understood that HMRC are not keen on allowing anyone to do this particularly in Agriculture where you are generally reclaiming VAT

I know of one farm who was late doing his monthly returns and was automatically moved to quarterly returns

Hi.
Yes.
5020 man.

Is that pure farming? Or do you sometimes owe HMRC funds?

 

[5020man]

Hi
Farming only.
Asked for a 4mnth quarter so that farming and VAT accounts both start on april 1st

5020 man.