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bigduckontax
bigduckontax, Accountant
Category: Tax
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Our company is wholesale fruit/soft drink company. We

Customer Question

Hi,
Our company is wholesale fruit/soft drink company. We already registered for VAT. In our Vat certificate:
Effective date :22/06/2015
Certificate Issue: 25/08/2015
Vat Return : 30/11/2015 and three monthly thereafter
Our first supply’s invoice was 25/06/2015 and our first sale invoice started 01/07/2015.
My question is about our first VAT return. My due date is 30/11/2015. Does it mean I have to prepare vat return transactions between 01/06/2015 and 30/11/2015 (for 6 months which exceed 3 months period). And
I put all the invoices for sale and purchases and outgpings invoices then I noticed that my output Vat is lower than my input VAT. That means out put VAT is 15553..63 and input VAT is 27625.58 @ 07/10/2015 I have just have 1 month left but my sale will be lower than our purchases. If our sale won’t exceed our purchases. This is first time vat return calculation. I have to put again all sale and purchases invoices during the 6 months period or I have to do different thing? Because it seems VAT due is negative 12071.95 GBP at the moment. Do I still have to fill and put all the purchases invoices?
Or is there anything I have to first VAT return such as exemption ?
Or Do I need to hold some purchases invoices and use them next VAT return? because I want to pay my vat every time.
Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Your first VAT return can include all sales VAT outputs and all purchases VAT inputs over the full period of trading, the balance being paid to or received from HMRC. It is quite usual for the first VAT return to be skewed and frequently a refund of VAT will occur. Thereafter everything should be normal and you will be due to pay on quarterly returns. However, if you have a big purchase in on the last day of the VAT account period it is possible for HMRC to owe you money rather than the other way around. I do hope that I ahve been able to shed some light on your conundrum.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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