27th April 2012, 10:33 PM
DYFED ARCHAEOLOGICAL TRUST LIMITED
22 EXCEPTIONAL ITEM 2010
The Trust was late registering for VAT.After a VAT inspection in August 2010 HM Revenue and Customs
retrospedively registered the Trust from the 1st April 1995. The liability has been calculated as ?98,824
(excluding penalties and interest) owed to HM Revenue and Customs. The Trust has then subsequently
invoiced its VAT registered businesses ?47,395 for the outstanding Output VAT. The adjustment to reserves is
shown below.
VAT liability calculated by HMRC(excluding penalties and interest) (98,824)
Invoiced VAT registered customers for Output VAT 47,395
Effect on Net Income/(Expenditure) for the year (51,429)
Somehow by 2011
21. STATUS AND TAXATION
The Trust is registered under the Companies Act and is a Company Limited by guarantee not having a Share
Capital. No provision for Corporation Tax has been made as the Trust is a registered Charity.
22. VAT
The Trust registered for VAT during the year ended 31 March 2010 after consultation with a VATspecialist. HM
Revenue and Customs calculated a VAT liability and penalties, now settled in full
(Exceptional Item (51,429))
22 EXCEPTIONAL ITEM 2010
The Trust was late registering for VAT.After a VAT inspection in August 2010 HM Revenue and Customs
retrospedively registered the Trust from the 1st April 1995. The liability has been calculated as ?98,824
(excluding penalties and interest) owed to HM Revenue and Customs. The Trust has then subsequently
invoiced its VAT registered businesses ?47,395 for the outstanding Output VAT. The adjustment to reserves is
shown below.
VAT liability calculated by HMRC(excluding penalties and interest) (98,824)
Invoiced VAT registered customers for Output VAT 47,395
Effect on Net Income/(Expenditure) for the year (51,429)
Somehow by 2011
21. STATUS AND TAXATION
The Trust is registered under the Companies Act and is a Company Limited by guarantee not having a Share
Capital. No provision for Corporation Tax has been made as the Trust is a registered Charity.
22. VAT
The Trust registered for VAT during the year ended 31 March 2010 after consultation with a VATspecialist. HM
Revenue and Customs calculated a VAT liability and penalties, now settled in full
(Exceptional Item (51,429))
Reason: your past is my past