So it's Truss

[Barry]

I take it back, you're not even up to making the tea.

Wrong way round but after 10 posts you finally acknowledge that businesses pay VAT, the more successful the business the more VAT.

Do you think "Good Old" and "B0ycey" are the same people, or are you just confused about posters?
Or maybe it's me that is confused ? ? ? 

[Sheepy]

I love reading the digging. The twisting of logic to get out of a hole is funny to me. I couldn't give a shit about discussing VAT now so I thank GoodOld for that. I just make the tea.

Anyway, did we ever get an explanation how the treasury was going to get the equalivance of 40bn from corporation tax and VAT from North Sea Oil who are a wholesaler and of course won't collect VAT anyway. Not that they paid corporation tax the past three years either, but that nugget of truth seems to have been swept under the rug over arguments of VAT.

So, you would like to point out the international corporations only believe in a one-way street?

[Sheepy]

You are no longer talking to Boycey. And sheep talks of private use .what are you on ?

I was explaining how it works that was all.

[Nick]

And I wouldn't have to be. The way VAT works for business is very easy to understand.
Nick will not accept that if a business is selling goods or services it is very unlikely to not clear its own Vat costs.
Some business might have a negative VAT account, but if so they can not  be collecting VAT to any great degree.
And their actual accountants could not seperate  their private use from company use. It's that simple. Except to say  there is often an argument as to what was actually private expense .

That's not what I've said at all, all businesses collect more VAT than they pay otherwise they are not a business. That's what our resident account's said.
Please show me where I said that. 

[B0ycey]

I love reading the digging. The twisting of logic to get out of a hole is funny to me. I couldn't give a shit about discussing VAT now so I thank GoodOld for that. I just make the tea.

Anyway, did we ever get an explanation how the treasury was going to get the equalivance of 40bn from corporation tax and VAT from North Sea Oil who are a wholesaler and of course won't collect VAT anyway. Not that they paid corporation tax the past three years either, but that nugget of truth seems to have been swept under the rug over arguments of VAT.

[Good old]

You're getting confused here Nick,Good old has never claimed he's an accountant.

And I wouldn't have to be. The way VAT works for business is very easy to understand.
Nick will not accept that if a business is selling goods or services it is very unlikely to not clear its own Vat costs.
Some business might have a negative VAT account, but if so they can not  be collecting VAT to any great degree.
And their actual accountants could not seperate  their private use from company use. It's that simple. Except to say  there is often an argument as to what was actually private expense .

[Nick]

You're getting confused here Nick,Good old has never claimed he's an accountant.

Yep, my bad. 

[Nick]

How can paying the tax man someone else's money affect your profit? Only if VAT in is less than VAT out can VAT affect profit. I explained that. That is only likely if a business is not collecting VAT , and that only happens in a very small percentage of cases. Please yourself ,as it seems you do. But that's how it is. A VAT balance negative to profit is not the norm.

I've said twice now. 

[Nick]

Then you were not selling a great deal of produce , or services. As the vast majority of business does. I have said why it could affect profit, that's not that it can not, but most business does not have profits reduced . In particular businesses such as the energy companies.

VAT affects all registered businesses unless they get free accountancy. 

[cromwell]

Doesn't affect their profits? More proof you're not in accountancy, something that should hit you straight away but doesn't.

You're getting confused here Nick,Good old has never claimed he's an accountant.

[Good old]

True, but this was his 10th go to get to this point 😂

You are no longer talking to Boycey. And sheep talks of private use .what are you on ?

[Borchester]

I certainly paid VAT and claimed some back while it ate into my profit margins. Is someone trying to say that my accountant was doing it wrong? Sadly she is passed on now but careful, she's the sort that would haunt someone that called her a cheat.

Not really Toots. You can claim VAT back on income you haven't earned.

The trouble is that

(a) you have to pay it back eventually, which can be a bit of a shock

and

(b) you never may not do as well as you think in the future

[Nick]

True but only for business use. So, if I buy something for the business, I can claim the VAT back if it is my own personal use I can't. So, I pay the VAT.

True, but this was his 10th go to get to this point 😂 

[Good old]

Of course it affects your profit T00ts, your accountant spends ages going through invoices and receipts, and you get a huge bill of your accountant. Something anyone in accounting would know.

Then you were not selling a great deal of produce , or services. As the vast majority of business does. I have said why it could affect profit, that's not that it can not, but most business does not have profits reduced . In particular businesses such as the energy companies.

[Sheepy]

I am not here to convince you Nick. And as it happens I would rather you think I make the tea. But given I just told you that businesses can claim VAT back after you posted something saying they pay VAT twice WHICH IS THEN followed up by a post snippet on how to fill in a VAT returns which specifically says businesses can reclaim VAT back, what exactly from that snippet is backing up anything you wrote or discredit anything I have wrote I wonder?

True but only for business use. So, if I buy something for the business, I can claim the VAT back if it is my own personal use I can't. So, I pay the VAT.