So it's Truss

[Nick]

If they are zero rated ,you don't  pay VAT how could you claim what you didn't pay?

In the case of flights the airlines add kinds of taxes that are pretty much made up to equal the amount of VAT they pay out. I have to pay all these nonsense taxes and because they are not called VAT I can't claim them against my VAT. 

[Good old]

No it's not, some expenses are zero rated meaning you can't claim the VAT.

If they are zero rated ,you don't  pay VAT how could you claim what you didn't pay?

[T00ts]

I really don't know what you are all talking about. I know it's some time since I was in business but as I remember it VAT registration becomes due when turnover reaches a certain level. My business involved some purchases which I obviously claimed for but I still owed VAT against my turnover. I paid the VAT man every quarter.

[Nick]

Fair enough but your only resort in that case is to question your accountant . Because any business is entitled to claim every legitimate penny it pays in VAT back. So how can  it lose its own money to a VAT bill? VAT bills only occur when more is collected than your own VAT costs.

No it's not, some expenses are zero rated meaning you can't claim the VAT. 

[Good old]

No that doesn't ring true for me, it was predominantly a service business so I always seemed to have a bill.

 Fair enough but your only resort in that case is to question your accountant . Because any business is entitled to claim every legitimate penny it pays in VAT back. So how can  it lose its own money to a VAT bill? VAT bills only occur when more is collected than your own VAT costs.

[Sheepy]

Not that I disagree with this, but just for clarity, rather than a windfall tax what you propose is for the state to take control of the drilling business and nationalise it Venezuelan style which then minimises the requirement of the profit margin and defacto reduce bills as there is no advantage from it. Now that Sheepy goes beyond Starmer. Maybe there is a bit of Corbynista in you after all.

Simple rules of survival Boycey, if you hand your standard of living over to the greediest people on the planet don't expect you will keep that standard of living and in fact as we see time and time again, the monster will hold them to ransom and you with it.You will have nothing and be happy, but that only goes for other 99%.

[B0ycey]

I don't believe basic commodities that any country should rely on for basic human living standards should be in the hands of global corporations in the first place and that would take away the opportunity of creating crisis and then taking full advantage from it. That is a belief I have always held because it is fairly obvious that greed shouldn't be able to affect other people lives time after time.

Not that I disagree with this, but just for clarity, rather than a windfall tax what you propose is for the state to take control of the drilling business and nationalise it Venezuelan style which then minimises the requirement of the profit margin and defacto reduce bills as there is no advantage from it. Now that Sheepy goes beyond Starmer. Maybe there is a bit of Corbynista in you after all.

[Barry]

I mixed 2 people up Barry, but as of late you love to attack the slightest thing by the mods and admin. When did you get so bitter? And you a Christian man as well.

Just trying to be helpful. When did you become so touchy?

[Sheepy]

Given the price of wholesale is determined by supply and demand, how exactly would you liked this sorted out? That isn't a trick question but a reality of the situation we are in. There is a reason oil and gas extraction are recording record profits. A windfall tax merely takes from that and returns it to customer. It seems you lost the Corbynista and became a Johnsonite.

I don't believe basic commodities that any country should rely on for basic human living standards should be in the hands of global corporations in the first place and that would take away the opportunity of creating crisis and then taking full advantage from it. That is a belief I have always held because it is fairly obvious that greed shouldn't be able to affect other people lives time after time.

[T00ts]

Your accountant was probably extremely diligent. She  would only have claimed  VAT on what she knew as a fact to be products bought exclusively for your business , if she could not do that ,the amounts you could not claim could not be called business expense. There for not money that would be part of an actual profit .

No that doesn't ring true for me, it was predominantly a service business so I always seemed to have a bill.

[Nick]

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 ? ? ?

I mixed 2 people up Barry, but as of late you love to attack the slightest thing by the mods and admin. When did you get so bitter? And you a Christian man as well. 

[B0ycey]

Not particularly I would rather it was sorted out in the first place so it couldn't get this far.

Given the price of wholesale is determined by supply and demand, how exactly would you liked this sorted out? That isn't a trick question but a reality of the situation we are in. There is a reason oil and gas extraction are recording record profits. A windfall tax merely takes from that and returns it to customer. It seems you lost the Corbynista and became a Johnsonite.

[Sheepy]

No, I'm just pointing out that a tax on profits is more beneficial than a tax of loopholes by the tune of 39.88bn.

But while I have you Sheepy, windfall tax... yay or nay? Have you been taken in by the forum miasma or is there hope of the Corbynista in you.

Not particularly I would rather it was sorted out in the first place so it couldn't get this far. 

[Good old]

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.

Your accountant was probably extremely diligent. She  would only have claimed  VAT on what she knew as a fact to be products bought exclusively for your business , if she could not do that ,the amounts you could not claim could not be called business expense. There for not money that would be part of an actual profit .

[B0ycey]

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

No, I'm just pointing out that a tax on profits is more beneficial than a tax of loopholes by the tune of 39.88bn.

But while I have you Sheepy, windfall tax... yay or nay? Have you been taken in by the forum miasma or is there hope of the Corbynista in you.