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  1. M

    Surpassed £85,000 VAT threshold selling second-hand goods - how shall I go about managing the implications? 23 y.o total accounting novice.

    @jarno HMRC are taking extremely long to respond to most applications. I doubt they would be prompt at responding to the exception letter. Prudent approach would be for your clients to provide for a potential backdated output tax liability as a precaution. Agreements with customers should have...
  2. M

    Surpassed £85,000 VAT threshold selling second-hand goods - how shall I go about managing the implications? 23 y.o total accounting novice.

    @coffeedrinker You’ve asked multiple questions, so I’m going to address them one by one. NOTE: I’ve typically worked with multinationals/household names. VAT for sole traders/individuals is not something I’ve looked at for some time. Goes without saying that this isn’t advice – speak to your...
  3. M

    Surpassed £85,000 VAT threshold selling second-hand goods - how shall I go about managing the implications? 23 y.o total accounting novice.

    @coffeedrinker As a VAT specialist, there's a few things to address here which i will look at after work if i have the time. But £210 per hour is not a bad price (but thats coming from someone who is ex-big 4 where charge out rates can be very high). When it comes to online sales and the...
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