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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 8417
Type Your Tax Question Here...
bigduckontax is online now

I have tax related question please, no, no

This answer was rated:

hello I have tax related question please
JA: Have you talked to a tax professional about this?
Customer: no
JA: Anything else you want the Accountant to know before I connect you?
Customer: no

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

What is your problem, please?

Customer: replied 7 months ago.
Hello , I have VAT related question please. I have UK based business. all what I received now is one payment but have already exceeded the VAT threshold for registration. The payment is from non eu client
and was wondering if I need to register in this case to claim the VAT that I have to pay for some UK based company that will supply me with materials ?

Yes you do need to register as you have exceeded the VAT Threshold. This comprises all standard, reduced and zero rated supplies. Your non EU client is an export, a zero rated supply, so you invoice your client with VAT, but at a rate of 0%. Once registered you can go back 4 years to reclaim input tax paid.

Customer: replied 7 months ago.
does this include the VAT I am paying to other UK companies that will provide me with row materails to build the system that my none-eu purchased from me? also, can I cliam the VAT even if my VAT registreation number arrived after I purchased some materials from other UK companies ?

Yes, it does, remember I told you that you could go back 4 years to reclaim input tax paid to suppliers and the like.

Customer: replied 7 months ago.
perfect thank you

Delighted to have been of assistance.

Please be so kind as to rate me before you leave the Just Answer site.

Customer: replied 7 months ago.
I will certainly give you a good feedback. I have one more question please
Customer: replied 7 months ago.
since I fall under zero rated VAT, I was late in doing in the VAT registration , I started the process nearly 50 days after I exceeded the threshold. This is due to the fact that I thought I was exempted since rated for my client is 0%. THe HMRC have now responded to say ' they are conducting some checks and they will get back to me in 30 days'. what do you think I should do in this case?
Customer: replied 7 months ago.
wait until they get back to me or call them to say all the revenue I had was from zero rated clients ? and will this make any difference in avoiding any penalties ?

I would not worry about this, there has been no loss of revenue to HMRC as your supplies were zero rated. VAT is a nuch more flexible tax to operate as you can correct earlier errors in current returns.

Please don't forget my rating.

Customer: replied 7 months ago.
but currently hmrc is not aware that my supplies are zero rate
Customer: replied 7 months ago.
you think I should contact them now to let them know about this or wait until they let me know about their checks

Just register for VAT and it will all come out in the wash as it were when you make your first VAT return. You will have no output tax to pay as your supplies are zero rated, just input tax to reclaim. Your first VAT return will be skewed, but then it always is.

bigduckontax and 2 other Tax Specialists are ready to help you
Customer: replied 7 months ago.
thank you

Delighted to have been of assistance.

Thank you for your support.

Customer: replied 7 months ago.
Hello there I have another question please. I registered my business as sole trader with HMRC in August 2018. When I submit my tax return when in January. What months I need to cover in my tax return ?
Customer: replied 7 months ago.
I received some payment in sept 2019. Do I need to include them in the January 2010 return ?

Yes you do. You have to arrange a suitable accountinfyesr with HMRC.