How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3816
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

me and my son are scaffolders and just getting ready to put

Customer Question

me and my son are scaffolders and just getting ready to put are TAX return in for 1 April 2013 to march 2014, and with not knowing, are turn over was £98.000,and we have not charged any VAT on the jobs we took on ,what will we have to do, And what would we owe ,thanks Rob
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
The enterprise will have to be registered for VAT as soon as possible. Turnover at over 91K requires registration. Technically HMRC can impose a penalty for late registration, but may waive this if you act quickly. For further information on this point see:
https://www.gov.uk/government/publications/vat-notice-70041-late-registration-penalty/vat-notice-70041-late-registration-penalty
You may owe as much as 16.3K in VAT output tax, but remember that there is input tax on all items bought in to the business in the same period, so it might well be considerable less. It's still an 'ouch' situation though.
I am so sorry to have to rain on your parade.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for our support.
Customer: replied 2 years ago.

thanks for your help Keith,after I have registered for vat how long would you think they would give me to pay thanks rob

Expert:  bigduckontax replied 2 years ago.
The usual payment time is within one month. You may, having regard to the circumstances in this case, be able to negotiate a more favourable repayment schedule, but any settlement over a month may attract interest charges on the sum outstanding.

Related Tax Questions