• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

self assessment - total turnover include VAT or not?

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    self assessment - total turnover include VAT or not?

    Hi there - filling my online tax return i am not sure if the total turnover should include VAT or not - if it does - where do i put the money i paid out to the VAT man? (i'm on flat rate scheme if it makes a difference)

    #2
    Assuming that you are self employed, your turnover should be net of VAT on the self employment pages.

    If you are referring to the corporation tax return, it is again the same (turnover net of VAT). The net turnover will be gross sales less flat rate VAT amount.

    Comment


      #3
      Originally posted by Craig@InTouch View Post
      Assuming that you are self employed, your turnover should be net of VAT on the self employment pages.

      If you are referring to the corporation tax return, it is again the same (turnover net of VAT). The net turnover will be gross sales less flat rate VAT amount.
      hi there and thanks for the reply. this is what i though but when i called the help line to check the guy told me it should include the vat and the paid out vat goes into box 29 (other business expenses) - sounds like he was incompetent but need to be double sure...

      Comment


        #4
        Originally posted by mmoalem View Post
        Hi there - filling my online tax return i am not sure if the total turnover should include VAT or not - if it does - where do i put the money i paid out to the VAT man? (i'm on flat rate scheme if it makes a difference)
        If you're attempting to do your Self Assessment form and have not been paying tax/NI etc over the year I suggest you have a sit down with a professional accountant to make sure you're getting the most of it the situation.
        What happens in General, stays in General.
        You know what they say about assumptions!

        Comment


          #5
          Originally posted by mmoalem View Post
          hi there and thanks for the reply. this is what i though but when i called the help line to check the guy told me it should include the vat and the paid out vat goes into box 29 (other business expenses) - sounds like he was incompetent but need to be double sure...
          That is also correct (box 29 bit). You can either enter in the turnover net of VAT or the gross turnover and then VAT payment in box 29 or repayment in box 15.

          Comment

          Working...
          X