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Thread: VAT question

  1. #1
    JPaul's Avatar Fat Secret Agent
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    In VAT you have things which are exempt from VAT and things which have VAT at zero rate. So for both there is no VAT to pay.

    What's the point of that.

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    manker's Avatar effendi
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    It's all to do with the claiming back of the VAT, rather than the paying of it.

    You can claim back any VAT paid on the zero-rated items but, sadly, any VAT which you've paid on the exempt items is not reclaimable.

    It's a subtle nuance which many miss.
    I plan on beating him to death with his kids. I'll use them as a bludgeon on his face. -

    --Good for them if they survive.

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    brotherdoobie's Avatar Long live Hissyfit BT Rep: +1
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    Mods,please move this post to the Drawing Room.
    Numbers hurt me head.


    Peace bd

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    enoughfakefiles's Avatar Ad ministrator
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    I thought this was a thread about alchohol.

  5. Lounge   -   #5
    JPaul's Avatar Fat Secret Agent
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    Quote Originally Posted by manker
    It's all to do with the claiming back of the VAT, rather than the paying of it.

    You can claim back any VAT paid on the zero-rated items but, sadly, any VAT which you've paid on the exempt items is not reclaimable.

    It's a subtle nuance which many miss.
    And they said accountancy rodding was impossible.

    You'll be telling me next that businesses can be partially exempt and that they can only reclaim their input tax based on a mixture of apportionment of the input tax between that which is directly related to taxable supplies and that which relates to exempt supplies and a residual amount, relating to both, which is then also apportioned, normally as a ratio between the taxable and exempt supplies.

  6. Lounge   -   #6
    j2k4's Avatar en(un)lightened
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    Quote Originally Posted by JPaul
    Quote Originally Posted by manker
    It's all to do with the claiming back of the VAT, rather than the paying of it.

    You can claim back any VAT paid on the zero-rated items but, sadly, any VAT which you've paid on the exempt items is not reclaimable.

    It's a subtle nuance which many miss.
    And they said accountancy rodding was impossible.

    You'll be telling me next that businesses can be partially exempt and that they can only reclaim their input tax based on a mixture of apportionment of the input tax between that which is directly related to taxable supplies and that which relates to exempt supplies and a residual amount, relating to both, which is then also apportioned, normally as a ratio between the taxable and exempt supplies.
    You dare to defy the rod?!!?!??
    “Think about how stupid the average person is, and then realize that half of 'em are stupider than that.” -George Carlin

  7. Lounge   -   #7
    clocker's Avatar Shovel Ready
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    Quote Originally Posted by JPaul

    You'll be telling me next that businesses can be partially exempt and that they can only reclaim their input tax based on a mixture of apportionment of the input tax between that which is directly related to taxable supplies and that which relates to exempt supplies and a residual amount, relating to both, which is then also apportioned, normally as a ratio between the taxable and exempt supplies.
    Well yes, that would be the next thing he might say.
    You saved him the effort.

    Jolly good show.
    "I am the one who knocks."- Heisenberg

  8. Lounge   -   #8
    JPaul's Avatar Fat Secret Agent
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    Quote Originally Posted by clocker
    Quote Originally Posted by JPaul

    You'll be telling me next that businesses can be partially exempt and that they can only reclaim their input tax based on a mixture of apportionment of the input tax between that which is directly related to taxable supplies and that which relates to exempt supplies and a residual amount, relating to both, which is then also apportioned, normally as a ratio between the taxable and exempt supplies.
    Well yes, that would be the next thing he might say.
    You saved him the effort.

    Jolly good show.
    Pas de problem, it is a team game apres tout.

  9. Lounge   -   #9
    manker's Avatar effendi
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    Quote Originally Posted by JPaul
    Quote Originally Posted by manker
    It's all to do with the claiming back of the VAT, rather than the paying of it.

    You can claim back any VAT paid on the zero-rated items but, sadly, any VAT which you've paid on the exempt items is not reclaimable.

    It's a subtle nuance which many miss.
    And they said accountancy rodding was impossible.

    You'll be telling me next that businesses can be partially exempt and that they can only reclaim their input tax based on a mixture of apportionment of the input tax between that which is directly related to taxable supplies and that which relates to exempt supplies and a residual amount, relating to both, which is then also apportioned, normally as a ratio between the taxable and exempt supplies.
    You make that sound really complicated when in fact, it's a piece of pish.
    I plan on beating him to death with his kids. I'll use them as a bludgeon on his face. -

    --Good for them if they survive.

  10. Lounge   -   #10
    Jon L. Obscene's Avatar Canadain potatoes!!!
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    Ok while you lot are talking paperwork, why would the IRS send me tax returns when I've been in employment for over 18 months?
    I filed my last one for self employment last year.
    They've also sent me a bill for NI from Jan to Apr of this year when I've been paying stamp obviously since I started employment.

    I know I could phone them but their hard work

    Jonno

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