The Book-keepers Forum (BKF)

Post Info TOPIC: podiatry / chiropody VAT exempt business?


Newbie

Status: Offline
Posts: 2
Date:
podiatry / chiropody VAT exempt business?


My partner and her sister run a clinic, they deal with podiatry /chiropody only, no fancy nail painting services. They have been doing this for around 10 years.

They rent the building and pay the usual bills.

They are slowing down their clients because they are coming upto the £85k VAT threshold.

On the .GOV website it says that they could be exempt based on the criteria.

Their services generate around if they continued a normal year around £95k of labour

The sales of otherpedics would only amount to around £3k and supplies around £5k per year.

Because the gross sales would be over the threshold would they need to register for VAT or would the service/labour side be exempt only leaving the VAT able items below the treshold so not claiming for them? so not needing to register?

Were wondering if you need to register because the gross is above and then declare the labour is exempt, or do you run the books not registered at all and dont inform the VAT man and advise the book keeper that the services are exempt?

This is not a mistake they can afford to do.... Although they will be either paying VAT or tax on the profit anyway.

Their book keeper is unable to advise just pointing them to the GOV website and one sister has contact HMRC to be told 'yeah i think you qualify' but not asking figures, business details or unable to advise in writing at all.

 

Summary.... above 85K in gross sales but around £75k of exempt services, do you register or not? can they carry on? is their a upper limit of exempt?

 



__________________


Member

Status: Offline
Posts: 23
Date:

They should be asking their tax advisor, ie their Accountant.

__________________


Newbie

Status: Offline
Posts: 2
Date:

Hi, they did and she said look on the GOV website and has no advice at all.



__________________


Member

Status: Offline
Posts: 23
Date:

You said bookkeeper not accountant!! Not the same thing. Some bookkeepers cannot advise on vat. If you meant Accountant then I suggest they get a new one who knows what they are doing. https://www.icaew.com/about-icaew/find-a-chartered-accountant Or https://www.accaglobal.com/an/en/member/find-an-accountant.html?isocountry=GB Exempt is not the same as out of scope for VAT. Expensive mistake if they get it wrong.

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About