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.
Thank you for any help!
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.
Thank you for any help!