Anyone got a side hustle?Watch
If you are VAT registered then you will keep a record of the VAT paid (as you should be keeping regardless) and enter VAT charged/paid onto a VAT100 form.
It'll be offset against the VAT you've collected off customers.
If you make a profit.... you owe HMRC. (You pay the calculated amount of VAT)
If you make a loss... HMRC owes you. (It's a repayment return which results in a refund)
- Matched Betting
- Run an affiliate website
- Sell online training courses
- Kindle publishing