 Uh oh! I forgot to pay my taxes!? |
Last year I owed a small amount of money for my federal taxes. Not only did I forget to pay, I forgot the amount to pay! What do I do this year?
Additional Details
Serious answers ... |
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 Can i work full time in the uk if i am 17? |
hi everyone, i'd like to ask u, can i work full time in the uk if i am 17?
thanks for answers ... |
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 My 31 year old son plays in a rock band and tells me he hasn't filed an income tax return in 10 years. ? |
| he has never earned much and it probably was mostly just cash payments. question. he is in serious IRS trouble?... |
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 Tax deduction? |
If you give a gift of money to someone in need, can you write that off as a deduction, and how if so.
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 Is TurboTax worth it? |
| I've heard a lot about TurboTax, but with the price of the software, is it really a good investment? There are different levels of membership as well--which is the best value for your tax needs? ... |
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| Do I still have to any tax? 10 pts for best answer!!!? |
I received a large sum of money ($12,000) from my motor vehicle insurance company. Do I have to pay any taxes? If I do, then how much? When do I pay? How do I pay?
i will be rewarding 10 ... |
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 Does anyone have any TRUE info about delay of refund? |
| We all have heard so many reasons about our refund date being pushed back, I was just wondering if anyone might actually have the real reason why. there have been so many possible reasons, but some ... |
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 How strong is the IRS? |
| What power do they have and to what extent can they use it?... |
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 How do you go about stating your own income on taxes. i work under the table.? |
i would like to have something to bring to, say a dealership or something. am i going to owe a bunch of money when i go to say H & R Block
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i guess i worded it ... |
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 Can I claim my baby born on August 13th 2008 on my taxes? |
Hello my little one arrived in August I was wondering if I could clain him on my 2008 taxes.
Thanks in advance:)... |
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 Can I deduct improvements made to a house I sold in '06, and do I have to pay taxes on profits from the sale? |
| I sold my primary residence in 2006, for $125,000 and bought a new house for $205,000 in the same month. I used 75% of the profits from the sale ($30,000) as the down payment for the new place. My ... |
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 Is money gifted to my children taxable under the kiddie tax law? |
| My mother gave each of my children $10000. Does the kiddie tax law affect this?... |
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 Do you have to file your taxes every year? |
I heard that there is a law that says we don't have to file our taxes every year as long as we don't go into the negative? Does anyone know?
Additional Details
Actually I did ... |
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| Paying taxes...? |
| I am only 17 and s at the moment don't really pay many/any taxes, however, it just seems to me that taxes are going up and up. I heard on the radio that 3/4 of somebodys wage goes on tax and ... |
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 Do I pay taxes on my gain on my home? |
| Ive lived there for 6 years. im selling and walking away with about $100,000. I am planning to buy a new home right away in another state. Do I have to pay taxes on the money if I buy a new home ... |
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 Anyone get their stimulus DD today yet ??? |
| Just wondering if anyone got their check direct deposit today like they were suppose to ? The IRS site said mine was suppose to be today,may 16th, but it is not there ?? If you did get your today, ... |
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 When do W-2's have to be mailed out? |
It's the 31st, correct?
If you have a child that is in daycare, does the daycare have until the 31st to mail out the information for the child care credit as well or do they even have ... |
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Graham B | Hi all can anyone tell me how vat works? |
thanks if you can help |
 |
 
imsul
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THIS IS A SIMPLE ANSWER - because VAT is EXTREMELY COMPLEX
VAT is a sales tax which is paid by the end user.
If your turnover is >£55k (I think) then you have to charge VAT on sales. You can also reclaim VAT on any purchases.
i.e you buy something for £100 + VAT = £117.50.
You sell it for £200 + VAT = £235.
if you are VAT registered
your owe HM customs £35 (the vat you charged on the goods/services), but HM customs owe you £17.50 (the vat you were charged.
If you were to buy stationary for your business (which you use but don't sell on) you can reclaim this VAT as well.
There are various items that are "zero-rated"/"exempt"/"outside the scope"/"reduced rate".
Its complex so you need professional advice. |
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tekculture
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UK Government Website might help! |
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rohit_kakar
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Vat works by taxing each person in the chain of value addition. The taxation is by taking from him tax on the entire value and crediting him with the tax he paid on the purchase value.
Eg. A guy buys a widget for 11 bucks and has paid a 10% vat. (so his cost was 10 bucks and 1 buck vat). When he sells it for 12 bucks (including vat) he has actually sold it for 10.91 bucks and 1.09 vat. Now the government charges him the 1.09 and credits him with 1.00 thus taking only .09 from him.
Looking it another way he got it for 10 bucks and sold it for 10.91 bucks (both excluding vat) so on the value addition of .91 buck he paid .09 as vat.
The Government uses this system to ensure there is no underdeclaration in the prices and to ensure that it gets the full tax from the price charged finally to the citizens. |
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Cymraes.
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17 1/2 % is added to services and items we buy. It is not added to clothes or shoes for children, neither is it added to essential foodstuffs, but things like crisps, sweets and chocolate do have it added. Hope this helps. |
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Eric The Dog
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Whatever you purchase, whether goods or services, will with certain exceptions, be taxed at 17.5%. It is a complete rip off and funds the fat cat beuracrats in Europe where their books have not passed the auditors for about 8 years because there is so much corruption. There, I feel better for that. |
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susie coo
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If you reach the threshold of £64000 you will have to get registered. If your business is bringing in a net profit of £1173 per week (unlikely) for quite a few consequtive weeks then you have 30 days to register. You can even voluntary register. |
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Simplexity
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Value added tax (VAT), or goods and services tax (GST), is tax on exchanges. It is levied on the added value that results from each exchange. It differs from a sales tax because a sales tax is levied on the total value of the exchange. For this reason, a VAT is neutral with respect to the number of passages that there are between the producer and the final consumer. A VAT is an indirect tax, in that the tax is collected from someone other than the person who actually bears the cost of the tax (namely the seller rather than the consumer). To avoid double taxation on final consumption, exports (which by definition, are consumed abroad) are usually not subject to VAT and VAT charged under such circumstances is usually refundable.
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To calculate inc VAT = Price x 1.175
To calculate VAT only = Price x 0.175
To work out original price = Price inc VAT / 1.175 |
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Rach.
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VAT is 17.5% of the price added onto the item.
So if you bought something that was orginally £100
with VAT added on it would be £117.50 |
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Lifeisgreat!
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I don't quite understand the question, but will try and help you. You have to have a turnover of say 55k (don't know what the thresh hold is now) to qualify to charge VAT. When you are charging VAT you can also reclaim it and you have to charge it on everything at the different rates. You also have to complete VAT Returns every 3 months but an accountant will keep you right on that one. |
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mewot
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Value Added Tax. It is already included in what you buy. Most things have added VAT except for food and newspapers/magazines. It;s 17.5% of the final price. |
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