How far back can I Voluntarily Register for VAT (without being fined)?
September 2, 2022
You can voluntarily backdate your VAT Registration Date for a maximum of 4 years from the date your application was received. This can be done without penalties providing you are genuinely a voluntary registration for VAT and not a mandatory registration.
Example
If your company incorporation date was 17th December 2016 and you submit your VAT registration application on 2nd September 2022, your earliest VAT registration date would be 3 September 2018.
It is important to note that you need to charge VAT on all your historic sales from your VAT registration date, so you need to ensure that you are genuinely able to recover the VAT from your customers in this period. If you are not able to do this, then you need to be sure that your input VAT reclaims are going to exceed your output VAT charges for this backdated period.
The golden rule when claiming business expenses is that the cost must be “wholly and exclusively” for business purposes. So, where do you stand when it comes to food and drink? After all, everyone needs these things to survive. When does it become an allowable expense? Read on to find out when your business can claim food and drink as an expense.
If you are sixteen and over, self-employed (sole trader or in a partnership) and making a profit befitting the ‘small profits threshold’, you are liable to pay national insurance.
Are deadlines creeping up on you? Spondoo is here to ensure you keep on top of things and take control again. These are the important dates you should take note of.
A Step-by-Step Guide This is an easy-to-understand, step-by-step guide, to opening a successful limited company. But before we dive in, let’s check the legality surrounding it.
We are qualified accountants providing personal and professional services for start-ups, established companies and individuals in and around the Halsemere area in Surrey. With the rise in technology, we have embraced the digitisation of accounting using efficient digital accounting tools to offer reliable services to our customers. Our goal remains to get our clients the best accounting and taxation services at the most affordable rates.
The provision of food and drink to an employee by their employer is a lovely thing to do. Eventually, it promotes teamwork, loyalty, a sense of belonging and even improves productivity. Taking it at face value makes it look like a simple act of kindness. However, unless it is done correctly, it can cause tax and national insurance compliance issues for the employer.
Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.
