Comments on: Flat-rate VAT scheme form: filling in the online return http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/ Where to find Malcolm Coles, reviews, and tips on how to do things I couldn't do. Mon, 25 Mar 2013 16:22:31 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: John Lee http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-30241 John Lee Mon, 05 Mar 2012 22:24:14 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-30241 Rob, Box 1 = 1418.51 (13% of 10911.60) Box 6 = 10911.60 And that's it! John Rob,

Box 1 = 1418.51 (13% of 10911.60)

Box 6 = 10911.60

And that's it!

John

]]> By: Matt http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-30119 Matt Wed, 01 Feb 2012 11:46:57 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-30119 Hi Another confused person here..... So what's the deal with zero rated items... e.g. kids stuff and items sold outside the EU to places like american. Do I have to pay the full 20% on them as well??? How does that work?? Either they are 0 rated items or they arent? Talk about confusing. Hi

Another confused person here.....

So what's the deal with zero rated items... e.g. kids stuff and items sold outside the EU to places like american. Do I have to pay the full 20% on them as well??? How does that work?? Either they are 0 rated items or they arent? Talk about confusing.

]]> By: Rob http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-30098 Rob Tue, 24 Jan 2012 15:39:58 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-30098 Hi Malcolm, this is very useful. My business partner recently left the company and I'm trying to get my head around the financial side of things. We are on a flat rate scheme, for a category that is 13%. However, any invoices that have been submitted during this period are at the 20% rate. Just so I clear would you mind listing what should be in each box from a total sales figure of £10911.60 (this is inclusive of VAT at 20%) for three month period. Your helpful would be grateful received. Cheers Rob Hi Malcolm, this is very useful.

My business partner recently left the company and I'm trying to get my head around the financial side of things.

We are on a flat rate scheme, for a category that is 13%.

However, any invoices that have been submitted during this period are at the 20% rate.

Just so I clear would you mind listing what should be in each box from a total sales figure of £10911.60 (this is inclusive of VAT at 20%) for three month period.

Your helpful would be grateful received.

Cheers

Rob

]]> By: colin beckman http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-30087 colin beckman Fri, 20 Jan 2012 10:14:06 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-30087 In order to make 25% profit on an item with a cost of £8.90 what would the nett selling price to the customer be and what would the gross selling price be including VAT at the current rate? In order to make 25% profit on an item with a cost of £8.90 what would the nett selling price to the customer be and what would the gross selling price be including VAT at the current rate?

]]> By: Daniel Haggett http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-30076 Daniel Haggett Tue, 17 Jan 2012 17:15:00 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-30076 Thanks Malcolm I have been struggling with this for ages. HMRCs website says include VAT in your flat rate calculation, but the form says exclude VAT. It couldn't be more confusing. Thanks for clearing it up. Thanks Malcolm

I have been struggling with this for ages. HMRCs website says include VAT in your flat rate calculation, but the form says exclude VAT. It couldn't be more confusing.

Thanks for clearing it up.

]]> By: Darren Racher http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-29866 Darren Racher Wed, 30 Nov 2011 13:52:38 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-29866 Hi, Sorry I can see lots of people still having problems and im one of them? Box 6 I have entered the full amount including the 20%. Say £20,000 So for Box 1 I entered 12% of £20,000 = £2400. But the boxed show an error message: ERROR: This is a mandatory field. Please enter a valid value. What am I doing wrong? Hi,
Sorry I can see lots of people still having problems and im one of them?

Box 6 I have entered the full amount including the 20%. Say £20,000
So for Box 1 I entered 12% of £20,000 = £2400.

But the boxed show an error message:
ERROR: This is a mandatory field. Please enter a valid value.

What am I doing wrong?

]]> By: Sue Copeland http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-28952 Sue Copeland Thu, 07 Jul 2011 15:00:00 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-28952 Apparently not a disbursement. Here is what happened on the expenses : One view was: Gross total including VAT=£300 Subtract VAT (including zero rated VAT which suddenly attracted 20% VAT)=£30 Nett total=£170 The other view was "Gross" total including VAT=£300 Add VAT on to the whole total (including items that didnt charge VAT and the zero rated VAT) @ 20%= £60 New gross total becomes= £360 And the former gross total becomes the nett total =£300 We are on flat rate scheme !! Apparently not a disbursement. Here is what happened on the expenses :

One view was:
Gross total including VAT=£300
Subtract VAT (including zero rated VAT which suddenly attracted 20% VAT)=£30
Nett total=£170

The other view was
"Gross" total including VAT=£300
Add VAT on to the whole total (including items that didnt charge VAT and the zero rated VAT) @ 20%= £60
New gross total becomes= £360
And the former gross total becomes the nett total =£300
We are on flat rate scheme

!!

]]> By: Sue Copeland http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-28950 Sue Copeland Thu, 07 Jul 2011 14:02:10 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-28950 I will go and re read it. It might very well. It is so complicated and to get two views from experts (!) at the start does not help I will go and re read it. It might very well. It is so complicated and to get two views from experts (!) at the start does not help

]]> By: Malcolm Coles http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-28949 Malcolm Coles Thu, 07 Jul 2011 13:55:26 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-28949 Sue: does http://www.hmrc.gov.uk/vat/managing/charging/disbursements.htm help? Sue: does http://www.hmrc.gov.uk/vat/managing/charging/disbursements.htm help?

]]> By: Sue Copeland http://www.malcolmcoles.co.uk/blog/flat-rate-vat-scheme-return-how-to-fill-it-in-online/#comment-28948 Sue Copeland Thu, 07 Jul 2011 13:50:44 +0000 http://www.malcolmcoles.co.uk/blog/?p=38#comment-28948 I am getting two lots of conflicting opinions. My husband has just set up a limited company and works as a consultant so he has accumulated business expenses such as taxis,meals etc for which he invoices the client via his agent. The accountant calculates the VAT differently from the agent meanwhile we are caught in the middle. How is VAT meant to be calculated on the expenses? The agent's remittance seems to charges VAT on the expenses at 20% but we are on a flat rate scheme. On his fees my husband charges 20% is this correct too.? I am getting two lots of conflicting opinions. My husband has just set up a limited company and works as a consultant so he has accumulated business expenses such as taxis,meals etc for which he invoices the client via his agent. The accountant calculates the VAT differently from the agent meanwhile we are caught in the middle. How is VAT meant to be calculated on the expenses? The agent's remittance seems to charges VAT on the expenses at 20% but we are on a flat rate scheme. On his fees my husband charges 20% is this correct too.?

]]>