Numpty VAT question

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shadiya

Joined: 02 Feb 2008
Posts: 1285

Posted: Wed Apr 30, 14 2:17 pm Post subject: Numpty VAT question
I have been reading the VAT manual and still none the wiser - is insurance vatable or not, does anyone know? I've been meaning to find out for years.... General farm insurance, tractor, employers and product liability are what I currently have. Thought DS would be quicker and considerably less annoying than the tax office's voice recognition software - thanks peeps

vegplot

Joined: 19 Apr 2007
Posts: 21301
Location: Bethesda, Gwynedd

Posted: Wed Apr 30, 14 2:30 pm Post subject:
If you receive an invoice and it's VAT-able it will show the VAT value and sometimes the VAT rate.

shadiya

Joined: 02 Feb 2008
Posts: 1285

Posted: Wed Apr 30, 14 3:06 pm Post subject:
None of the invoices have VAT showing so I've always assumed not until someone asked me recently, which reminded me I didn't really know. I think it may be exempt but as I say, the manual was a little confusing.

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Wed Apr 30, 14 3:26 pm Post subject:
I'm pretty certain insurance is exempt, however, it is an expense and reduces corporation tax.

shadiya

Joined: 02 Feb 2008
Posts: 1285

Posted: Wed Apr 30, 14 4:46 pm Post subject:
Corporation tax I know it's tax deductible but suddenly went into "perhaps I've not been reclaiming vat for years paranoia" - something about doing paperwork that seems to do that to me Maybe it's "leaving it to the last minute itus"?

vegplot

Joined: 19 Apr 2007
Posts: 21301
Location: Bethesda, Gwynedd

Posted: Wed Apr 30, 14 5:43 pm Post subject:

shadiya wrote:

None of the invoices have VAT showing so I've always assumed not.

You not able to reclaim VAT on invoices that don't include VAT or don't have a VAT number so it's safe to assume they're not VAT-able.

shadiya

Joined: 02 Feb 2008
Posts: 1285

Posted: Thu May 01, 14 12:38 pm Post subject:
So in other words, I've been right for ages - marvellous!

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Thu May 01, 14 4:21 pm Post subject:

vegplot wrote:

shadiya wrote:

None of the invoices have VAT showing so I've always assumed not.

You not able to reclaim VAT on invoices that don't include VAT or don't have a VAT number so it's safe to assume they're not VAT-able.

Having said that, some companies, like BT will only supply you with a VAT invoice if you request it.

Rob R

Joined: 28 Oct 2004
Posts: 31902
Location: York

Posted: Thu May 01, 14 8:48 pm Post subject:

Shan wrote:

vegplot wrote:

shadiya wrote:

None of the invoices have VAT showing so I've always assumed not.

You not able to reclaim VAT on invoices that don't include VAT or don't have a VAT number so it's safe to assume they're not VAT-able.

Having said that, some companies, like BT will only supply you with a VAT invoice if you request it.

Or not.

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