[Finance] VAT returns

[Official Old Man]

Just sent mine in for Dec, Jan & Feb. I owe £67.64. Fair to say this is a heck of a lot less than normal and based only on takings as I've spent nothing in the past few months. It will be the same shortly for my tax return with only 20 weeks out of 52 when I've been working.

 

[Pavilionaire]

This is the news we've all been waiting for.

 

[NooBHA]

I am not really up on the day to day reporting of VAT.

Does anyone know how SEISS payments are to be treated for VAT Registered S.Emp people. Are they regarded as " Zero Rated " ?

 

[Gazwag]

I am not really up on the day to day reporting of VAT.

Does anyone know how SEISS payments are to be treated for VAT Registered S.Emp people. Are they regarded as " Zero Rated " ?

It's outside the scope so can be ignored

 

[Pavilionaire]

It's outside the scope so can be ignored

Although the SEISS grant is treated as trading income and so IS liable to income tax and Class 4 National Insurance.

 

[NooBHA]

Although the SEISS grant is treated as trading income and so IS liable to income tax and Class 4 National Insurance.

Thanks . Yeh I knew it was taxable and NICable. I just wondered about its impact on VAT as I don't do much of the day to day admin issues on these things any more and most of my clients " Touring " stopped and not all of their Royalties alone keep them above VAT thresholds but Royalties plus SEISS payments might do.

 

[withdeanwombat]

I didn’t know it had gone.

 

[Shropshire Seagull]

I deregistered for VAT last month.

Very happy to have completed my last VAT return especially as from Apr-22? HMRC are insisting on digital-only VAT returns that must come from an approved accounting package [not Excel]

 

[Blinkers]

I deregistered for VAT last month.

Very happy to have completed my last VAT return especially as from Apr-22? HMRC are insisting on digital-only VAT returns that must come from an approved accounting package [not Excel]

I use VitalTax which have an approved HMRC Excel add-in to electronically submit returns. They also have a free Excel template if you want, which is customisable. The first year was free and £12/year after. Takes 5 minutes to submit my flat rate returns each quarter.