VAT Flat Rate - confused about the accounting

I'm new to the VAT Flat Rate, and one part is leaving me confused.

E.g. Turnover = 100,000 + VAT 17.500 = 117,500
VAT on flat rate @ say, 11% £12925

What number goes on the P&L account for turnover? Is it £100,000 or is it £104,575 (total turnover - VAT paid over)?

If it's £100,000, where does the £4575 go?

I can't get my head round the double entry for this (and flat rate is supposed to make things simpler!)

Any help greatly appreciated.

Faerie Girl

Comments
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Interest

Anonymous |

Don't forget...

Ronnie Stanley |
Ronnie Stanley's picture

Numbers might not reconcile

skylarking |

Flat rate and cash basis

pauljgoodman |

Cash based FRS

ahson_u |

vat flat rate

AnonymousUser |

agree to disagree

Anonymous |

Comparatives

Anonymous |

Steven's unilateralism doesn't help

skylarking |

HMRC approach is incorrect.

AnonymousUser |

I agree with your comments Euan

Dave Paveley |

Stating expenses net is wrong

Euan MacLennan |
Euan MacLennan's picture

My understanding was..

Dave Paveley |

Interesting, Driscoll

skylarking |

takings/sales

Anonymous |

VAT Notice 733

Ronnie Stanley |
Ronnie Stanley's picture

Flat rate

Anonymous |

interesting differences of view here...

martinfoley07 |

yes, but

pauljgoodman |

I agree with Euan

Anonymous |

Yes, but

daffodil |

Yes, but ...

Euan MacLennan |
Euan MacLennan's picture

missing the point

pauljgoodman |

Am I missing the point?

skylarking |

Flat Rate Scheme

claudialowe |

£104575

skylarking |

Thanks

AnonymousUser |

Sales should be gross

simong0516 |