Should I treat the profit on this all as additional turnover or should I record all expenses inclusive of VAT in the accounts and the difference between VAT on invoices and the flat rate amount is only treated as a turnover adjustment.
Essentially I am asking if the VAT element of the expenses incurred should get lost within the turnover adjustment for the flat rate scheme profit
Gordon
Essentially I am asking if the VAT element of the expenses incurred should get lost within the turnover adjustment for the flat rate scheme profit
Gordon