what is my turnover (FRS)

[PurpleGorilla]

A: Net Total: £85,000

B: Total including VAT: £102,000 (£85k x 120%)

FRS VAT: £12,240 (12%)

C: Total after FRS: £89760 (£102k – FRS VAT)


What is my turnover, is it A, B, or C?

Many thanks...

[stek]

D.

[Louisa@InTouch]

Your net turnover that will be shown in your accounts will be C. £89,760.

[TheFaQQer]

Turnover is net of VAT paid, so C.

[PurpleGorilla]

thanks guys :-)

[eazy]

Turnover -

Louisa is correct for corporation tax calculation.

Net Turnover : 85K
Vat Saving : 17K - 12.24K = 4.76 K

Turnover for Corporation Tax : 85K+4.76K = £89,760

[TheCyclingProgrammer]

As everyone says, it's C, but it can be useful to track your FRS surplus (C - A) separately to regular sales in your books so you have an idea of how much you're making from being on the FRS.

To calculate FRS profitability, add up all input VAT that hasn't been reclaimed and subtract from your FRS surplus. That's your FRS profit.

[malvolio]

As everyone says, it's C, but it can be useful to track your FRS surplus (C - A) separately to regular sales in your books so you have an idea of how much you're making from being on the FRS.

To calculate FRS profitability, add up all input VAT that hasn't been reclaimed and subtract from your FRS surplus. That's your FRS profit.

And being profit, it is of course liable for Corporation Tax...