VAT Reclaims

Cow1

Member
Yes. Easy to do online. Not sure you can keep changing it though. Easy to change back to monthly online too which helps cash flow.
 
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).
Whick software package do u use neilo
 

neilo

Member
Mixed Farmer
Location
Montgomeryshire
Whick software package do u use neilo

I've used Quickbooks (Desktop) since I started on my own in 2012. Very pleased with it, without having to spend silly money (was £80 IIRC). I understand Xero will be almost identical, but cloud/subscription only.
Can't abide Sage, which Mum always struggled with at home.:banghead:
 

Mounty

Member
Arable Farmer
Location
Suffolk
Why not, Mounty?

Given the refunds we're always due, I'd willingly do it weekly, or daily, or hourly, if allowed.

Ever since the introduction of VAT in 1973, my overdraft's been forced to take on a big part of HMG's deficit.
Mainly due to multiple outgoing transactions every month, all with VAT on.
 

Sid

Member
Livestock Farmer
Location
South Molton
my accountant told me once your quarterly you cannot change it to monthly....
just pleased my quarters run how they should all within the same year...

That’s wrong. I’ve just moved to monthly. Spoke to the revenue and changed over the phone

I changed to monthly for a period of 2 years ...then stopped spending money and went back to quarterly.

If you don't ask you don't get
 

Farma Parma

Member
Arable Farmer
Location
Northumberlandia
I changed to monthly for a period of 2 years ...then stopped spending money and went back to quarterly.

If you don't ask you don't get
Well thats whats i was told... and considering they do my VAT claim every quarter they should know.
it would be in there interests financially to switch & they wouldn't
Quarterly works for me most of the time anyways, like folks have said if your planning on a big VAT payout do it nearer the
end of each quarter.
 

Happy

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

Yes, twice to coincide with accountant recommending a change of financial year end.
Just a case of contacting them to request the change. Means you have to wait 4 months before getting a reclaim on the quarter you move forward in though;)
 

Walterp

Member
Location
Pembrokeshire
If the property is a building, a detailed Capital Allowance review of the purchase cost of the property might help, to see if any claims exist to write down.

(I knew a farmer who bought another place and discovered that the vendor hadn't written down the extensive buildings, and was able to adopt the (then) ABR into his own P&L.

Also, of course, a split between the 'property' and the 'equipment' is a legitimate way to reduce SDLT (but not VAT).
 

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Red Tractor drops launch of green farming scheme amid anger from farmers

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As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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