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VAT question

Thu 03 May 2012 01:54 PM

peteloafer

Associate CB.Cert
Practice Licence

36 posts

With all the studying i have done lately perhaps I should know the asnwer to this question
but sadly I don't.

If a sole trader does not have sufficent business / turnover to require registering for VAT
do they (or their bookkeeper) still need to separate out VAT in their books and returns?
Do they still show all amounts net of VAT and VAT separate OR does VAT not get separated out at all and all amounts are inclusive.

Hope that makes sense.

TIA

______________________

I was drowning not waving...

Thu 03 May 2012 02:04 PM

Paula2202

Associate CB.Cert
Practice Licence

74 posts

If a business is not VAT registered, they put the Gross amt inc VAT through their books - for purchases. It is not separate. No VAT is included on their sales invoices.

Kind Regards

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