I've got roped into doing the Wife's tax return and as with all tax returns I've ever done, I've got a figure nice and early and then not bothered doing the return bit until late in the day and then I encounter a headache. despite trawling google I'm unable to find an answer and hopefully one of you clever lot has a solve for me!
Towards the end of the 20/21 tax year she registered for flat rate VAT. You can claim any VAT on stock you have on hand at the date of registration but I have not the faintest idea where to account for that in a tax return?
My guess would be I just take it off the cost of sales figure but I'm not keen on guessing and would prefer to get it right.