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Hi Chaps...
Just thought I'd share this with you so you don't get caught out like me, owing the VAT man a fair bit of dosh !!
Have been keeping an eye on my my gross turnover, basing it on my April to April tax year.
As soon as I was near to the VAT threshold I was going to have a word with my accountant to see what I need to do. And start changing my pricing/ book keeping etc.
But found out today on the off chance that VAT is based on the last 12 months turnover not April to April. So without knowing I've gone over that limit back in August.
Went in to see my accountant today, not best pleased wondering why he hadn't forewarned me of this.... now for the last 3 months worth of turnover I've got to pay 20% out my own pocket, and have got quite a few things coming up which I've already priced without VAT, so will also be doing these jobs at a 20% lose.
Grrrrrr - there goes my holiday fund :32:
Anyone else had a similar situation ?
Just thought I'd share this with you so you don't get caught out like me, owing the VAT man a fair bit of dosh !!
Have been keeping an eye on my my gross turnover, basing it on my April to April tax year.
As soon as I was near to the VAT threshold I was going to have a word with my accountant to see what I need to do. And start changing my pricing/ book keeping etc.
But found out today on the off chance that VAT is based on the last 12 months turnover not April to April. So without knowing I've gone over that limit back in August.
Went in to see my accountant today, not best pleased wondering why he hadn't forewarned me of this.... now for the last 3 months worth of turnover I've got to pay 20% out my own pocket, and have got quite a few things coming up which I've already priced without VAT, so will also be doing these jobs at a 20% lose.
Grrrrrr - there goes my holiday fund :32:
Anyone else had a similar situation ?