Any one vat registered for their stalking business?
- Thread starter 75
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kingstonandy
Well-Known Member
We have a VAT registered smallholding and butchery/curing business as a sideline, venison sales and expenses go though that.
A small VAT rebate is received every quarter.
A small VAT rebate is received every quarter.
Perfect!
trickie
Well-Known Member
For all you VAT registered folks, don’t forget the reporting rules have changed:
Making Tax Digital for VAT mandatory
Making Tax Digital for VAT will apply to business trading below the £85k VAT registration threshold (ie all remaining VAT registered businesses) for VAT return periods starting on or after 1 April 2022. As a result, such businesses will be required to maintain digital records of their VAT data, submit VAT returns to HMRC via appropriate software and ensure that all data is “digitally linked” throughout their VAT return process.
kingstonandy
Well-Known Member
Yep, I had them tooNot as perfect as the various development grants that funded the larder, fridges, vac packer, freezer...........
View attachment 275641
I have always done that. It suits me, and my clients to do so, though, though with agreement I have de-registered for a while since I wasn't quite pulling the £80k plus any more, but that is hopefully temporary. Had to explain that to a couple of clients on their annual reviews of consultancy agreements, and confirmation of my status as "preferred supplier". I.e. you haven't been sending me enough income to add up, recently. So you wont have to pay my VAT, not that it makes any difference to you. Ah well, times are tough for us all, but you are still at the top of preferred supplier list, consultancy agreement renewed, papers in the post, just hope we can send you some more business. Keep in touch.
All understood, and by the VATman, who suggested to me that I do it, to simplify their record keeping. Which, tbh, was no real burden to me. My number is , sort of , dormant,just waiting to be re-started but I have always operated as a sole trader, no complications, paid my taxes and NI. No funny business. But overall quite advantageous in some ways. And being registered, even as an individual, conveys a certain respectability, and ability to work with other such respectable types.
Not that, I think, this has much relevance to a simple thing like buying a Quad. Nor to me, my services (Technical Consultancy) are supplied in a different category, which is actually quite simple to manage myself.
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VanGogh76
Well-Known Member
80% of my clients are commercial and VAT registered so no issues there, the private clients all get VAT inclusive invoices and my accountancy software works everything out for me every quarter.
I claim VAT on everything I buy, fuel, ammunition, clothes, etc so I see it as an excellent option.
I claim VAT on everything I buy, fuel, ammunition, clothes, etc so I see it as an excellent option.
After speaking to my accountant looks like HMRC only allow you to recover vat if you actually charge some in the first place. And as all my sales would be zero rated I’d not charge any vat so give nothing to HMRC, but expect them to give me back vat on all my expenses.
However, another more realistic option I’m probably going to go down is set up as self employed. I can declare all my expenses and offset those against the tax I pay through my main employment.
However, another more realistic option I’m probably going to go down is set up as self employed. I can declare all my expenses and offset those against the tax I pay through my main employment.
Do you charge any vat on any of your products and therefore have a vat bill to pay as well as vat rebate? I.e. is there a flow of money both ways between you and HMRC.
Very interested in your setup as sounds just like what I’m trying to do.
devon deer stalker
Well-Known Member
I knew you would get there in the end!
Iv'e held off posting on this, I have always been registered as self employed even when I had a full-time job, that way I could claim everything back, for those who say 'I don't need to be as it costs me fuel, bullets etc' I worry for you that sell venison/take clients out and have not registered with HMRC, it's not what you know, it's what you can prove cometh the day of judgement!
I was reliably informed 12 months ago HMRC will be looking at game dealers, and in these times I can see it happening.
Woodenbeam
Well-Known Member
I have a Beekeeping/Honey business. Voluntarily VAT registered to enable Vat to be reclaimed but no Vat on Honey sales so its a one way street. Set up as a partnership so filing annual returns has to be done via an accounting mate as these need to be submitted via some software. Making Tax Ditigal has thrown a bit of a spanner in the works as quarterly return's will now have to be submitted through a third party software but other than that it’s simples.
If anyone has any suggestions regarding freeware for MTD returns I’d be interested in recommendations, breathed a sigh of relief as the last submission went through the original government webpage but for this quarterly return it’ll need to be sorted.
75 - feel free to PM if you’ve any queries & we can have a chat.
Woodenbeam
Well-Known Member
Is there a difference between Vat exempt and zero rated?
I’m only guessing/suggesting - food product = zero rated as opposed to exempt?
I’m only guessing/suggesting - food product = zero rated as opposed to exempt?
Exactly this ^^^^
You would not be selling a VAT exempt product, you'd be selling a Zero Rated product.
Two very different things.
it works!
kingstonandy
Well-Known Member
We collect a little VAT but not much, selling used equipment and hot food sold at events are the two examples that spring to mind.
My wife is a bit of an expert on grants and subsidies so we are hoping to offer a consultancy service to others, there will be VAT on any fees charged for that.
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