Accountant saying im owed a VAT refund?
Hi guys,
With the new VAT on fees rule, my accountant is saying that i am overall owed a VAT refund for the qaurter, instead of the usual other way round where I owe HMRC money. I was just wondering if other people are seeing a similar thing?
Please confirm if you guys are seeing that too.
0 replies
Seller_QuM1AZgzfU9x4
Businesses will vary, but yes the VAT on fees can now be added to your "this is what VAT i paid column".
Seller_mS10UjVYuuGor
Did you buy a lot of stock last quarter to build up for the Black Friday/Christmas sales?
The only real change was that VAT is now added to referral and FBA fees as advertising has always been VAT billed in the UK. As referral and FBA delivery fees are charged only when you make a sale its unlikely that the VAT on those alone would pucs anyone into VAT refund territory.
Seller_5VsVlvdiDnITx
How have you calculated VAT for the quarter when Amazon still haven't released all of the VAT documents for this quarter?
Seller_T9qNRaWjUhLfS
Yes, this is possiable, obviously it depends if for instance, brought alot of stock for the Christmas.
For instance I usally owed HMRC around £15k-£20k per month in VAT, before the changes, this has dropped to around £3k-£5k a month, in real terms overall your business is still paying exactly the same amount in VAT to HMRC, it's just taken from you by Amazon and paid to HMRC, instead of you paying this amount to HMRC directly.
Personally it's a good thing, it lowers the advantages that business that are not VAT registered, have have over VAT-Registered firms.
I'd much rather that Amazon collected all the sales VAT, on sales like they do on EU Amazon's, then at least all sellers would be paying the same, then would be easier for HMRC to spot VAT-fraud. But that's another matter.
Yes in short there is no reason why HMRC don't owe you a VAT refund, on this quarter, only you know what you have brought that is VAT'able.
Seller_DfMOm9tgJKAex
some months when I invest a lot in stock, equipment etc yes im due a refund
however getting a refund for VAT indicates you've spent more than you have made, so not good in the long run unless its planned
Accountant saying im owed a VAT refund?
Hi guys,
With the new VAT on fees rule, my accountant is saying that i am overall owed a VAT refund for the qaurter, instead of the usual other way round where I owe HMRC money. I was just wondering if other people are seeing a similar thing?
Please confirm if you guys are seeing that too.
Accountant saying im owed a VAT refund?
Hi guys,
With the new VAT on fees rule, my accountant is saying that i am overall owed a VAT refund for the qaurter, instead of the usual other way round where I owe HMRC money. I was just wondering if other people are seeing a similar thing?
Please confirm if you guys are seeing that too.
0 replies
0 replies
Seller_QuM1AZgzfU9x4
Businesses will vary, but yes the VAT on fees can now be added to your "this is what VAT i paid column".
Seller_mS10UjVYuuGor
Did you buy a lot of stock last quarter to build up for the Black Friday/Christmas sales?
The only real change was that VAT is now added to referral and FBA fees as advertising has always been VAT billed in the UK. As referral and FBA delivery fees are charged only when you make a sale its unlikely that the VAT on those alone would pucs anyone into VAT refund territory.
Seller_5VsVlvdiDnITx
How have you calculated VAT for the quarter when Amazon still haven't released all of the VAT documents for this quarter?
Seller_T9qNRaWjUhLfS
Yes, this is possiable, obviously it depends if for instance, brought alot of stock for the Christmas.
For instance I usally owed HMRC around £15k-£20k per month in VAT, before the changes, this has dropped to around £3k-£5k a month, in real terms overall your business is still paying exactly the same amount in VAT to HMRC, it's just taken from you by Amazon and paid to HMRC, instead of you paying this amount to HMRC directly.
Personally it's a good thing, it lowers the advantages that business that are not VAT registered, have have over VAT-Registered firms.
I'd much rather that Amazon collected all the sales VAT, on sales like they do on EU Amazon's, then at least all sellers would be paying the same, then would be easier for HMRC to spot VAT-fraud. But that's another matter.
Yes in short there is no reason why HMRC don't owe you a VAT refund, on this quarter, only you know what you have brought that is VAT'able.
Seller_DfMOm9tgJKAex
some months when I invest a lot in stock, equipment etc yes im due a refund
however getting a refund for VAT indicates you've spent more than you have made, so not good in the long run unless its planned
Seller_QuM1AZgzfU9x4
Businesses will vary, but yes the VAT on fees can now be added to your "this is what VAT i paid column".
Seller_QuM1AZgzfU9x4
Businesses will vary, but yes the VAT on fees can now be added to your "this is what VAT i paid column".
Seller_mS10UjVYuuGor
Did you buy a lot of stock last quarter to build up for the Black Friday/Christmas sales?
The only real change was that VAT is now added to referral and FBA fees as advertising has always been VAT billed in the UK. As referral and FBA delivery fees are charged only when you make a sale its unlikely that the VAT on those alone would pucs anyone into VAT refund territory.
Seller_mS10UjVYuuGor
Did you buy a lot of stock last quarter to build up for the Black Friday/Christmas sales?
The only real change was that VAT is now added to referral and FBA fees as advertising has always been VAT billed in the UK. As referral and FBA delivery fees are charged only when you make a sale its unlikely that the VAT on those alone would pucs anyone into VAT refund territory.
Seller_5VsVlvdiDnITx
How have you calculated VAT for the quarter when Amazon still haven't released all of the VAT documents for this quarter?
Seller_5VsVlvdiDnITx
How have you calculated VAT for the quarter when Amazon still haven't released all of the VAT documents for this quarter?
Seller_T9qNRaWjUhLfS
Yes, this is possiable, obviously it depends if for instance, brought alot of stock for the Christmas.
For instance I usally owed HMRC around £15k-£20k per month in VAT, before the changes, this has dropped to around £3k-£5k a month, in real terms overall your business is still paying exactly the same amount in VAT to HMRC, it's just taken from you by Amazon and paid to HMRC, instead of you paying this amount to HMRC directly.
Personally it's a good thing, it lowers the advantages that business that are not VAT registered, have have over VAT-Registered firms.
I'd much rather that Amazon collected all the sales VAT, on sales like they do on EU Amazon's, then at least all sellers would be paying the same, then would be easier for HMRC to spot VAT-fraud. But that's another matter.
Yes in short there is no reason why HMRC don't owe you a VAT refund, on this quarter, only you know what you have brought that is VAT'able.
Seller_T9qNRaWjUhLfS
Yes, this is possiable, obviously it depends if for instance, brought alot of stock for the Christmas.
For instance I usally owed HMRC around £15k-£20k per month in VAT, before the changes, this has dropped to around £3k-£5k a month, in real terms overall your business is still paying exactly the same amount in VAT to HMRC, it's just taken from you by Amazon and paid to HMRC, instead of you paying this amount to HMRC directly.
Personally it's a good thing, it lowers the advantages that business that are not VAT registered, have have over VAT-Registered firms.
I'd much rather that Amazon collected all the sales VAT, on sales like they do on EU Amazon's, then at least all sellers would be paying the same, then would be easier for HMRC to spot VAT-fraud. But that's another matter.
Yes in short there is no reason why HMRC don't owe you a VAT refund, on this quarter, only you know what you have brought that is VAT'able.
Seller_DfMOm9tgJKAex
some months when I invest a lot in stock, equipment etc yes im due a refund
however getting a refund for VAT indicates you've spent more than you have made, so not good in the long run unless its planned
Seller_DfMOm9tgJKAex
some months when I invest a lot in stock, equipment etc yes im due a refund
however getting a refund for VAT indicates you've spent more than you have made, so not good in the long run unless its planned
