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: 8779
Type Your Tax Question Here...
bigduckontax is online now

I have a query on VAT turnover for registration purposes. I

This answer was rated:

Hi. I have a query on VAT turnover for registration purposes.
JA: Have you talked to a tax professional about this?
Customer: I am an accountant but need additional help
JA: Anything else you want the Accountant to know before I connect you?
Customer: Its a vat issue. The business runs holiday letting accomodation. They exceeded the vat threshold in terms of cash received in February 2019. However, when looking at the dates of holiday to which the payments related, on the "invoice basis" the business did not exceed the threshold until June 2019. What is the correct basis for registering for vat. The cash basis or date of stay basis?
Customer: replied 13 days ago.
There is also an issue on deposits received, which, for a vat registered business have a tax point of the date the deposit is received. How does this affect the registration date
Customer: replied 13 days ago.
If you wish to call me to discuss, my number is ***** 359381
Customer: replied 13 days ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 13 days ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.

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

An interesting conundrum. On reflection I am of the opinion that the date of stay would be a more appropriate measure.

Customer: replied 12 days ago.
Hi, is this an answer which would be acceptable to HMRC, the difference in tax between the cash basis and accruals basis is over £2,000, so it is important to get it right

I am sorry, but I peddled you duff get. You must account for VAT on a receipts basis, sorry.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 12 days ago.

Thank you for your support.