Smallholders Insurance from Greenlands

Author Topic: VAT accounts  (Read 574 times)

Clay

  • Joined Oct 2016
VAT accounts
« on: December 26, 2020, 04:13:20 pm »
Can anyone help me with keeping VAT accounts.

I would be grateful if someone could show me the blank record for purchases and sales they use. I am interested in either the paper based records or electronic spreadsheets.

My accountant wants me to use a paid for software package. I am reluctant to do this due to extra costs until 2022 when HMRC insist I do so. He is happy for me do complete my own quarterly returns.

Thank you and I hope you all had a safe and enjoyable Christmas.

Womble

  • Joined Mar 2009
  • Stirlingshire, Central Scotland
Re: VAT accounts
« Reply #1 on: December 26, 2020, 05:08:43 pm »
Hi Clay,

I used to use a spreadsheet, but since it was set up for the flat rate VAT scheme (and you don't want to go there), it's not going to be all that helpful.

As a serious question, how much do you value your time? I use Free Agent for farm accounts (not because it's particularly suited to a smallholding, but because I also use it elsewhere, so it just made sense). I pay roughly £15 a month, and get automatic invoicing, a connection to my bank account, a mobile app for recording expenses and mileage, and a dial-in so my accountant can access everything without me having to send files back and forth. It also does all my VAT calculations for me, reminds me when a VAT return is due, and files it with a single click.

Sure, I could do all that using a spreadsheet, but I've got more interesting things to do with my time - haven't you?
"All fungi are edible. Some fungi are only edible once." -Terry Pratchett

Clay

  • Joined Oct 2016
Re: VAT accounts
« Reply #2 on: December 26, 2020, 06:32:31 pm »
Hi Womble,

Thanks for taking time to reply. Point taken about more interesting things to do. I suppose under normal circumstance I wouldn’t spend my time wrestling with spreadsheets and VAT. However with Covid I have hardly been off the holding so I have time on my hands.

doganjo

  • Joined Aug 2012
  • Clackmannanshire
  • Qui? Moi?
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Re: VAT accounts
« Reply #3 on: December 26, 2020, 06:52:19 pm »
An excel spreadsheet for VAT is easy - sure it takes time to input everything - but if you do it say once a week it's not a big burden (depending on the volumes of sales and expenses)

Open a workbook for VAT - set up three worksheets in your workbook, one for input (purchases), one for output (sales) and one for VAT returns

In the Input sheet have columns for
  Date
  name of person paid
  total amount paid
  VAT charged
  Net amount
  Have another column for private purchases that are partly for the use of the smallholding showing the private part in that column including the proportion of VAT, and the smallholding vat in the vat column and the smallholding net amount in the net column

Total these every quarter and enter the figures in the VAT return sheet - either using formules if you are familiar with excel, but typing them in otherwise

I've done a very simple one and saved it as a pdf
Always have been, always will be, a WYSIWYG - black is black, white is white - no grey in my life! But I'm mellowing in my old age

Clay

  • Joined Oct 2016
Re: VAT accounts
« Reply #4 on: December 28, 2020, 08:37:11 am »
Doganjo that’s great can I thank you very much for the spreadsheet which I will use for a template.

Scarlet.Dragon

  • Joined May 2015
  • Aberdeenshire
Re: VAT accounts
« Reply #5 on: December 30, 2020, 08:38:51 pm »
DogandJo's done a good job of giving you the basics you need.

If you're interested in learning how to do the basics of accounts yourself, you can sign up for the award winning ACCA-X programme for free... it's designed to be a 'taster' for those who are wondering if they want a career in finance or not.  If you decide you want to go on and do accountancy qualifications, you can pay a fee to convert them to exemptions from other basic modules.  If you don't you've got yourself some free training which will give you all the basics you need to be confident in doing your own accounts.

This is a link to the website: https://www.acca-x.com/global/en.html

I'll declare an interest in so far as I'm an ACCA qualified accountant, but we're not on commission; it's just a product I believe in and it's FREE!!!
Excellence is the result of caring more than others think is wise, risking more than others think is safe, dreaming more than others think is practical and expecting more than others think is possible.

doganjo

  • Joined Aug 2012
  • Clackmannanshire
  • Qui? Moi?
    • ABERDON GUNDOGS for work and show
    • Facebook
Re: VAT accounts
« Reply #6 on: December 31, 2020, 12:02:14 pm »
Doganjo that’s great can I thank you very much for the spreadsheet which I will use for a template.
Th excel version won't load on here but if you pm me an email address I'll send it to you, that'll save you setting it up

I;m not up these days on what is zero rated, standard rated and exempt, so you'll need to check that yourself Good luck!
« Last Edit: December 31, 2020, 12:04:10 pm by doganjo »
Always have been, always will be, a WYSIWYG - black is black, white is white - no grey in my life! But I'm mellowing in my old age

Clay

  • Joined Oct 2016
Re: VAT accounts
« Reply #7 on: January 01, 2021, 10:28:50 am »
Doganjo PM sent thanks.

I have got the standard rate, zero and exempt sussed. Just waiting for HMRC to accept my request for VAT registration but I think at the moment Govt organisations are stretched at the moment.

 

Accounts HELP please

Started by Penninehillbilly (10.16)

Replies: 7
Views: 1806
Last post January 13, 2016, 12:30:05 pm
by Penninehillbilly

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