VAT reclaim

[sloppysoupdragon]

Hi all you mumsnetters. I am sure that some of you have either done a VAT reclaim yourself or have found someone to do it for them. We have just completed a self build house and need to reclaim VAT to finish off the decorating etc. I have absolutely no head for figures to do this properly and time is ticking by.... Could anyone out there recommend someone who will work on a percentage basis and recommend them as being professsional? It would be best if they are based in the South West ( we are in Stroud....)

Many thanks for this.

Are you registered for VAT? If so you can reclaim, if not you need to contact the inland rev for advice as I am not sure you can. The other thing to keep in mind is that if you are paying it out you also need to charge it.

Working out VAT is fairly easy. as most people have relatively simple affairs. You need a spreadsheet with 3 columns below is an example taken from one of ours for a petrol receipt

05/10/11 Tesco 25.01 4.17 20.84

£25.01 is the gross amount

£4.17 is the VAT

£20.84 is the net amount after VAT taken off.

The VAT is worked out by entering the following formula

=SUM(E89:E89)/1.2*0.2 - e89 refers to the column and row number in which the £25.01 appears in the spread sheet

Net = gross - VAT

You then add up all the VAT you paid out and all the VAT you received and either pay or reclaim the difference.

EG if you paid out £50 VAT and received £25 then you can reclaim £25 VAT.

Expect that is as clear as mud but mess about with a spread sheet its easy when you know how. Once you've got the formula in right just drag it down and it will adjust itself for each row..

There are special rules for self-builders soandsosmummy.

I assume you have seen this guide?

If you want to appoint a professional, send me a message or contact through my web site.