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VAT Return of Trading

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  • 15-01-2011 1:55pm
    #1
    RollYerOwn
    Registered Users Posts: 154 ✭✭


    My first year of business as a sole trader is up and I have received the Return of Trading Details form.

    I have all the records I need, but not sure of a couple of things. I'm too busy working away from home (fortunately, for a couple of weeks anyway) to pop in to my accountant as he asked me to do but need to have it returned mid week. :( Perhaps someone wouldn't mind answering a couple of questions if you have the time...?

    Most of my expenses have been fuel and motor related. I intended to add up the net cost of all my genuine expenses in the relevant (13.5% and 20%) boxes in the last column for deductibles. However, not all my expenses appear to have VAT included, or perhaps they are exempt or 0-rated? I'm not sure if I should even include these on the form if I have NOT paid VAT on them, or will this clash with my total expenses claimed later in my Annual tax returns? :confused:

    I have listed the non-VAT expenses below in the hope that there's a straight answer(s)!
    • Motor Insurance (Direct Debit monthly payments)
    • Bank charges
    • Interest on loan repayments (a small amount calculated as an average each month)
    • Membership fees (professional institute)

    Thanks in advance,
    Tagged:


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