hey Guys, I just setup a new account as I have gone from a Sole Trader to Ltd company. I am only a new company, but VAT returns and P30 returns are over due from the start of the year. I can I just mark these as paid or how so I cancel them?

hey Guys,
I just setup a new account as I have gone from a Sole Trader to Ltd company.
I am only a new company, but VAT returns and P30 returns are over due from the start of the year. I can I just mark these as paid or how so I cancel them?

1 answer

Peter Connor Staff August 14, 2016
Public

Hi. Have you made the returns?

#answer-3755
  1. magicmirror1 August 14, 2016
    Hi Peter, no nothing yet. The company is brand new, new bank account and all.
  2. Peter Connor August 14, 2016
    So Bullet is saying you've to make the returns.
  3. magicmirror1 August 14, 2016
    Yup, P30 is over due from 01 Jan - 31 mar
  4. magicmirror1 August 14, 2016
    2 VAT3 periods also
  5. magicmirror1 August 14, 2016
    Do I just upload a blank ROS file, or should the be there?
  6. Peter Connor August 14, 2016
    So you must have created invoices from that period or added Bills for Bullet to kicks Vat return up. Ok I've some questions to ask
  7. Peter Connor August 14, 2016
    VAT: Are you vat registered?
  8. magicmirror1 August 14, 2016
    Ive two invoices only, both from today
  9. magicmirror1 August 14, 2016
    Yes, VAT registered
  10. Peter Connor August 14, 2016
    Are all your Vat returns up to date?
  11. magicmirror1 August 14, 2016
    The company is brand new, so I havent had to do any yet. Well it would have been set up at the end of June
  12. magicmirror1 August 14, 2016
    So a june return maybe, but not from Jan
  13. Peter Connor August 14, 2016
    Cool. When did you register for Vat
  14. magicmirror1 August 14, 2016
    Hmm, Let me check there now. I had an account set it all up for me.
  15. magicmirror1 August 14, 2016
    I have a letter from revenue here
  16. Peter Connor August 14, 2016
    Ok. So your getting two returns? Are they for a periods?
  17. Peter Connor August 14, 2016
    Hmm. I'll have to have a proper look at your account. It will be tomorrow if that's cool.
    I'll have a look at the P30's too.
  18. magicmirror1 August 14, 2016
    ya no worries, no panic
  19. magicmirror1 August 14, 2016
    maybe I set something up wrong
  20. Peter Connor August 14, 2016
    It's no biggie. They can be just marked it as Paid and ignored. Bullet makes assumptions to ensure returns are created, needed or not.
    Anyway I'll have a look it first thing in the am.
    Thanks for singing up. Pete
  21. Peter Connor August 14, 2016
    Hi,
    I'll have a look at this now for you. Tks Pete
  22. Peter Connor August 14, 2016
    Hi Richie,
    So I've some answers for you.
    VAT
    What we think might have happened is an invoice got created for Jan that would execute VAT generations for all the periods up to now.
    I see all you invoices are close to today date, but it might have happened at the review stage.
    The solution is pretty simple. Just click on the empty VAT periods and mark them as paid. They're Zero sum so it won't affect your bank reconciliation.
    Here is how you do that here http://recordit.co/ontCDB7L12 & is now you mark them as paid.
    P30's
    So turns out you need to file P30's the minute you set-up a company. I'd forgotten about that, here is the community post on it. https://www.bullethq.com/community/question/hi-guys-quick-queary-ive-not-registered-any-employees-for-my-business-sole-trader-but-on-my-to-do-list-its-saying-that-i-should-fill-in-nil-p30-returns-im-not-sure-why-im/
    It doesn't matter that they're empty or zero.
    Paypal
    We're still waiting for Paypal to come back to us. They're still investigating it.
    Thanks
    Pete
  23. magicmirror1 August 14, 2016
    Hi Peter,

    Thanks for the response.

    On the paypal front, is the issue your having with them deal with their fees and accounting for that? For example is an invoice is sent for €500 to client, they pay it but only €480 is received to us from paypal into the bank account, how can this be accounted for without having to create a new expense each time for paypal fees?
    Kind Regards
  24. Peter Connor August 14, 2016
    Hi Richie,
    Let me find out about the fees or are we just not getting the "paid" message only, we do the fees automatically as you can see in the bottom gif Stripe works the same as Paypal.
    I'll get back to you on that.
    Pete
  25. Peter Connor August 14, 2016
    Hi Richie,
    So you have to create a bill currently for the paypal fee. The fact Paypal doesn't notify us of the payment means we can't trigger the bill creation.
    It take paypal 2 weeks to respond to any quiry we have so they're slow to deal with.
    But we're chasing them.
    Thanks P

Please login or Register to Submit Answer