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    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
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      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
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Donations to VAT paying company


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(just hat to lol at my Mac there saying Dalmatians instead of Donations)...

 

Anyway,

 

I run a new company, just started off and am about to sign up for VAT. It is an Apple Softwre development company. In short, I make apps for iPhones, iPads and Mac's.

 

Some of the apps will be paid (I say will as I haven't gone VAT yet), but other's aren't as they're part of community projects for which I get donations.

 

When I go live with the company and that code I used (the software I designed) is part of the community project (which I have NO intention for charging for), how would I account for the donations thankful members send me?

 

At the moment as an individual, every penny goes into NSPCC, but when I start the company, I would like to have these funds parted between NSPSCC and some back into the project itself (cost of hosting websites etc...).

 

Can someone give me some pointers as to how to handle this as to date, the HMRC like me as I've remained transparent and I don't want something like this muddying up the waters.

 

Cheers

 

A

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Have you registered the company with HMRC? do that first. How much do you think your turnover is likely to be? If it is less than £64k a year dont register for VAT as all you will do is generate money for the taxman without any need to do so and no benefit to yourself. You can then quite simply divide the donations between your company and the chosen charity providing that you dont affect the solvency of the business and the charitable donations are not greater than a certain percentage of your income (cant say what this is off the top of my head) Donations to you will be treated as ordinary business income and the development costs as allowable expenditure. Subtract your allowable expenditure from the gross income of the business and you get your personal income, which you put down on your tax return and pay class 2 or class 4 NI contributions and income tax on. If your turnover is greater than the VAT threshold you recalim any input VAT you pay out and add output VAT on your sell prices (or subtract them from your sell price) This gives the tax man around 4% of your turnover if everything is VATable when you buy it in but if you are developing your own things the VAT man gets the full 20% from you alone. You then have to give VAT receipts to your customers so they may claim their input VAT

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I am registered with HMRC for VAT and have a VAT reg number. THe turnover isn't more than the threshold for the first few years and I've indicated this on the forms. Either way, despite being under the threshold, most of my products are vattable and I'd prefer to pass this onto my clients, hence the registration. It just makes things easier and more cost effective for alower budget start-up.

 

The only benefit to me is that I can easily grow the company and move figures around as VAT is passed on until the end of the year (which I'm ok with). It makes things a little easier as I'm doing the books myself.

 

In regards to the donations, they are purely aimed at a particular project. I'm NOT entuirely sure if it's registered as a Charitable company, but non-the-less, I don't see a penny of it. All donations are duely forwarded.

 

In regards to the development costs, these are all already factored into the company. i.e. the time I've spend, the money I've spent on online utilities to support it (montly utilities much like water and electric)..

 

Can I jsut list everying in the books as follows:

 

1) Income: Donations: £100 (example)

2) Donation contribution to cause: £70

3) Utility expend for cause: £20

4) Media and stationary used for cause: £10

 

It's clearly going to show up in my books that I'm not making a profit nor loss on this, but either way I'd like to contribute as it would do wonders for my company reputation. Which is, despite a benefit, not monitisable (is that a word?). i.e. I can't put a value to the reputation I get from it.

 

In regards to VAt in general, I know how to account for that.. I've got no issues there at all.. I work on a cash basis VAT system, workes wonders, the HMRC is happy with my submissions but I'm not too sure how that would work (the donations for the cause).

 

Regards,

 

A

 

*edit* jsut to reiterate. Every penny spent on this project, I intend to cover with the donations and the rest pass on to the major contributors. i.e. I spend 1 penny I get 1 penny, no amount made.

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