chrischim

Thank you for your advice. Chris

Hello, This year is the first time of my limited company to file the Corporate Tax Return. The business started on 20th Janurary 2023, the accounting period ended on 31st January 2024. According to HMRC Corporate Tax, filing a Company Tax Return is 12 months after your accounting period for Corporation Tax ends. It may have to file 2 tax returns to cover the period of your first accounts and also have 2 payment deadlines i.e. 1st tax return for the period from 20th January 2023 to 19th January 2024, and the 2nd one for the period from 20th January 2024 to 31st January 2024. Afterward, the accounting period will be 12 months from 20th January 2024. Is my understanding correct? What is the due date of my filing the 1st and 2nd Company Tax Return? Is it on or before 31st January 2025 (12 months after your accounting period for Corporation Tax ends) or 2024? Please help to provide advice. Thank you. Chris

Hi, My company is a tour operator business to provide the guide tour services for clients. The costs consist of cleints meal and admission tickets with VAT, and transportation which the coach company invoice with 'zero' VAT. Does the output VAT 20% of total sale invoice amount deduct the input VAT of meal cost and admission ticket fee to come out the VAT payable? The sale amount includes a cost element of transportation cost. Can I reduce the transportation cost from the sale amount before the calculation of the out VAT? it would reduce the VAT payable. Is there any advice for the treatment of the 'zero' VAT transportation costs in calculation of VAT payable? Thank you.

Hi, Thank you for your valuable advice. I try to understand and follow the guidance.

Hi, I am a new comer in UK. This year I start my business as a limited company and the turnover is expected below the VAT threshold £85,000. I issued the invoices without VAT to the customers and paid the goods and services with VAT to suppliers. How can I book the Output and Input VAT in accounting record before VAT registration? Is it zero Output VAT and the actual amount of Input VAT? Can I reclaim the Input VAT after the VAT registrtion? Or both zero Output and Input VAT before VAT registration? Thank you.