VAT3 return help needed please

dragona

Hi all:D
My husband has started a business- and I have been lumbered with doing the books etc.!!!!
I am a COMPLETE novice and don't have a clue.But need to learn what to do as quickly as I can, or else it means paying through the nose for someone else to do it.
Are there any online resources that can teach me step by step???Also need to fill in a P30 form, for PAYE and PRSI.
He is VAT registered, and has a just received a vat3 return form covering period 9 june to 31 july. Started trading 16 june, but of course there are receipts for purchases dated before this.
I have kept a record of all purchases, and broken it down into net, vat and gross,but now I am totally stumped.
Any and all help much appreciated, and a free dinner with wine is up for grabs!!

Nuttzz

how much did he sell? what is the amount of vat on that? what did he buy how much is the vat on that? take one from the other to give the vat owed or due for refund

glenrichkid

I'm in the process of starting a company offering payroll services e.g. Software implementation / Training. Recovery service will be something we'll be doing too, reckon we could do a P30 etc for you for free - where you based?

Sonnenblumen

There are easy to follow instructions on the back of the VAT 3 form. No need to panic as return is not due until 14 August.

I fyou want to do a DIY fill-out simply make three excels:

1. List all Goods Purchased (for Resale, eg Raw Material) and break down into gross, Vat paid and the relevant columns reflecting VAT Rate eg 21%, 13.5%,0% etc.
2. Similar to 1 above, list all Goods purchased (But not for resale), good examples here would include items such as phone, stationery, motor costs etc.
3. Make a listing of all Sales, Nett, VAT and Gross amounts. (T1)

The key figures are the VAT totals in each group.

These are entered onto the VAT 3 Form as follows:

T1- total amount of VAT charged on Sales
T2- total amount of VAT paid on Purchases (Groups 1 + 2 above)
If T1 > T2 enter the amount (nearest €) in T3 (this is the amount of VAT you must return with your completed VAT 3 form).
If T1<T2 enter the amount in T4 (this is the amount of VAT refund you are claiming).

The best way to eat an elephant is in little chunks, you'll get the hang of it real quick, once you keep your sales/purchases in order. Best of Luck.

Final Tip: Never mess with the VAT people, stay on top of your returns and always make sure you get them in on time.

dragona

thank you!!!!
Am knackered tonight but will have a go tomorrow.....

glenrichkid - I will pm you tomorrow too - thanks!