FLAT RATE SCHEME and ACCOUNTS

Posted by doctorwho PM | on Mon, 19/03/2012 - 15:32 2509 18 comments | report

Hi, In VAT Flat Rate Scheme, invoice was £10,000 + VAT (20%) = £12,000 received by the business. Applicable FRS VAT Rate is 14% for the business, therefore business has paid £1,680 to HMRC. This is the only transaction during the year and business is preparing its accounts now. Is business taxable income £10,000 or £10,320?

Comments

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Oh no - not again

BKD | Mon, 19/03/2012 - 16:28

As BKD said,

SteveOH | Mon, 19/03/2012 - 16:39

Business taxable income is £10,320

Chris Smail | Mon, 19/03/2012 - 16:58

or then again

Marion Hayes | Mon, 19/03/2012 - 18:54

So...

Kent accountant | Mon, 19/03/2012 - 23:45

... and I go along with

Fred Smith | Tue, 20/03/2012 - 08:54

I'm going with my trusty (dusty) ATT book

Constantly Confused | Tue, 20/03/2012 - 09:46

Here is the answer...

martin.jackson | Thu, 22/03/2012 - 10:27

Interesting. With a

Bob Long | Thu, 22/03/2012 - 10:43

FLAT RATE

chas01 | Thu, 22/03/2012 - 11:59

Limited companies are covered

Bob Long | Thu, 22/03/2012 - 12:28

Personal preference

Tom 7000 | Thu, 22/03/2012 - 13:32

Guys,

khalm0 | Thu, 22/03/2012 - 14:09

The flat rate % is applied to

Fred Smith | Thu, 22/03/2012 - 14:29

Fred is right

Tom 7000 | Thu, 22/03/2012 - 14:34

This is where the VAT tutor

khalm0 | Thu, 22/03/2012 - 16:36

Tom - I follow extract from return guidance from HMRC

Marion Hayes | Thu, 22/03/2012 - 19:34

Sorry, Tom, but ...

BKD | Thu, 22/03/2012 - 20:45