20k VAT tax bill. Poops

So a little stress but not that bothered. I missed the bat on a business I co run, turns out that we should have VAT registered back in January.

Nightmare. However, we don’t deal with sole traders that much so clients don’t mind a backdated vat bill, I think I’ll be losing about 3k but it is what it is and well, it’s business and sign of success when you’re doing so well that the taxman wants me to work for them for free!!

Moral of the story - keep your knowledge of taxing up to date, don’t lie to the taxman and keep your clients on your side, do a good job and they’ll play the game with you!! And just because you’ve got years under your belt, one day you will miss something!

I’m kinda chuffed to be honest, we started the social outreach business 28 months ago, it’s built purely by word of mouth.... not bad even if I lose a nip of profit this year ha

$3k.. pocket change.

Jayder said:

$3k.. pocket change.

Click to expand...

I do ok, but even £3 out of my account into someone else's isn't pocket change, its money.

One hand yes its nothng
Otherhand, it’s a black flag to HRMC going forward

Both hands still clapping though, it happens