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Help with VAT tax return

Options
Hello!

I am confused about my VAT return, and I just want to make sure everything I have done so far is correct:

https://imgur.com/a/BislbRh



I completed the purchase of a commercial property on the 16th of January 2019.

I paid

£43,500 as purchase price & £8700 VAT

£600 as lawyer fees & £120 VAT

£20 as CHAPS fee & £4 VAT



This comes to a total of

£44,120 and £8824 VAT.



Is this all correct, and have I filled out the VAT return form correctly?

I am currently in the process of letting this place out, or selling it back on auction.



The property is in Scotland, where I live also.

Comments

  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    edited 1 February 2019 at 8:31PM
    assuming the property is indeed subject to the option to tax and you have informed HMRC of your exercise of that option, (I note it is commercial so presumably you will be making taxable supplies of it so are eligible to do so) and you are registered yourself (which you must be to have got that far into the HMRC Vat system), then yes, that VAT return reflects the figures you quote

    what are you going to do after April when you can no longer submit through the HMRC portal and will instead need to use software?
  • vincent.lee
    vincent.lee Posts: 72 Forumite
    Seventh Anniversary 10 Posts Combo Breaker
    edited 1 February 2019 at 8:45PM
    00ec25 wrote: »
    assuming the property is indeed subject to the option to tax and you have informed HMRC of your exercise of that option, (I note it is commercial so presumably you will be making taxable supplies of it so are eligible to do so) and you are registered yourself (which you must be to have got that far into the HMRC Vat system), then yes, that VAT return reflects the figures you quote

    what are you going to do after April when you can no longer submit through the HMRC portal and will instead need to use software?

    Yes, I have informed HMRC of this, and it is indeed my VAT registered business, and I act as the sole proprietor. I have opted to tax with the intention of letting it out - failing that, I'll let it out. I've informed HMRC of all of this.

    Just to confirm, then I can claim VAT back on the solicitor VAT fees and CHAPS VAT fees? I wasn't sure if this was allowed.


    I had no idea I couldn't submit to the HMRC portal after April!!! Are there any free software I could use?
  • MDMD
    MDMD Posts: 1,554 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    I had no idea I couldn't submit to the HMRC portal after April!!! Are there any free software I could use?

    You need to use software to keep your records, calculate the VAT and directly submit to HMRC without any changes.
    https://www.gov.uk/government/publications/vat-notice-70022-making-tax-digital-for-vat/vat-notice-70022-making-tax-digital-for-vat

    There might be some free software but it might have restrictions
  • MDMD wrote: »
    You need to use software to keep your records, calculate the VAT and directly submit to HMRC without any changes.
    https://www.gov.uk/government/publications/vat-notice-70022-making-tax-digital-for-vat/vat-notice-70022-making-tax-digital-for-vat

    There might be some free software but it might have restrictions

    I just read the update:

    1.2 Making Tax Digital explained
    Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software.

    My business will not make over the £85,000. It will make about £6000 a year turnover at most. Will I still have to use 3rd party software?
  • comeandgo
    comeandgo Posts: 5,930 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You get until end of 2019 to get onto compatible soft ware.
  • Even if you have to use MTD compatible software (which I think looking at your information is probably not true as in I think you are exempt) you can use bridging software and most of the companies doing that are offering a free service as an introduction. If you really want to you could hop around each quarter trying another free introduction. It is probably easier to pay the £20 or so per annum that they charge, but you probably don't need to do it .... as yet.
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