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Flat Rate Vat - long period for Vat return

Change of rate

To cut a long story short, my clients were very late giving me the figures for the accounts with the result that they registered for VAT some 16 months late.

They have registered and been accepted for the Flat Rate Scheme and because they are in catering have substantial purchases which allow them to use the lower rates.   The first return has to be submitted by the end of this month and will be for 17 months.   This means that we have two rates -

the first 12 montsh at FR-1% and the final 5 months at FR.

So, is it "simply" a case of adding up the first 12 months turnover and applying the FR-1% rate to this figure and then applying the full FR percentage to the remaining 5 months turnover.   On the return we would add the full 17 months turnover and then the calculated VAT, which of course when working backwards would not show any published FR Vat rate.

I would expect HMRC to query it but has anyone else had to do this and am I on the right track.

Thanks

Andy  

 

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13th Jan 2018 16:53

Yes.

No idea what you mean by "15 months turnover", though.

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13th Jan 2018 18:53

Thanks lionofludesch

Corrected now - shouldn't work at the weekends its just bad maths days

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