Hi Team,
Hoping you can help? I have registered as a Sole Trader, and have registered for VAT voluntarily (income way under £85k PA). Could you help me understand what expenses I can claim back the whole amount for, and what I can claim only VAT back on, and how to enter these in QB using the correct dropdown choices?
I have used my own savings to start my business, purchase a van (cost +VAT) and stock. I've heard that if I have funded the start up myself, it can be classed as a directors loan? Does this means I don't owe any VAT or income tax until the amount I've invested is surpassed by earnings and VAT owed? Can I claim the VAT back I paid on the van?
I started my business in October 2021. I understand my first VAT return can be submitted from Feb 1st 2022, and I don't have to submit a self assessment for Income Tax until end of January 2023?
Trying to ensure I don't miss anything out I may end up owing.
Thanks very much in advance for any help you can give me.
Kev.
