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Post Info TOPIC: purchase are not close to sales so VAT never payable


Newbie

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purchase are not close to sales so VAT never payable


surely this is wrong, we can't just keep being due refunds from HMRC for VAT? we have to do an 8 year forecast and this will mean that we have to project this too?



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Newbie

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sorry i am really stuck with thsis one


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Master Book-keeper

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Have a chat with your Accountant

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Guru

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Maybe its not wrong 



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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kate1978 wrote:

 an 8 year forecast 


 What a ridiculous waste of time and energy



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Forum Moderator & Expert

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Cheshire wrote:
kate1978 wrote:

 an 8 year forecast 


 What a ridiculous waste of time and energy


Sssshhh... But we charge a lot of money for that! wink lol, anything byond a year and you might as well be licking your finger and sticking it in the air. Sometimes I'm sure that five year projections are only demanded for the backroom amusement of corporate bankers (who could I be thinking of, lol).

Currently it's even more of a joke than normal as who knows whats about to happen with things like exchange rates and import tariffs with the current European issues.

 



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Senior Member

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Do you have zero rated sales? Either that or you are running at a significant loss? By the time you add things like wages (Outside VAT) and the other zero rated purchases (if any) then the business doesn't seem viable.

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Matthew



Senior Member

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Are all sales and purchases being entered onto the system?
Do the sales match to cash received and bankings?

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Master Book-keeper

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Shamus wrote:
Cheshire wrote:
kate1978 wrote:

 an 8 year forecast 


 What a ridiculous waste of time and energy


Sssshhh... But we charge a lot of money for that! wink lol, anything byond a year and you might as well be licking your finger and sticking it in the air.   Rip apart a business plan and you will see that 75% of them did just that and thought you wouldnt notice. Sometimes I'm sure that five year projections are only demanded for the backroom amusement of corporate bankers (who could I be thinking of, lol). Fully sensitised 10% up, 28% down, with built in delays of X debtors days and ramp up of y creditor days.  Just to see the FDs go pale and the MDs eventually after beating the FD to produce said numbers, realise it's a big fat no to his £m loan

 


 



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position

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