VAT Return Form (HELP!)

[Maxamus]

Right, i today came home to a HMC&E VAT Return form.

Now i like to think of myself as a fairly intelligent person but this form is giving me a headache. Its not very friendly for persons outside of the accounting/business field.

I've filled it in to the best of my ability and would like some one to check over what i've done.

BOX 1 VAT due in this period on sales..........£561.71
BOX 2 From other EC Memeber States..........NONE
BOX 3 Total VAT Due.................................£561.71
BOX 4 VAT reclaimed in this period..............NONE
BOX 5 NET VAT to be paid to Customs.........£561.71
BOX 6 Total vale of sales excluding VAT.......£4156.94
BOX 7 Total value of purchases....................NONE
BOX 8 EC Member states...........................NONE
BOX 9 EC Member states...........................NONE

Am i right or wrong?

--------------------------------------------------------------------
Income = £4,156.94
VAT @ 17.5% = £727.46
Total = £4,884.40
VAT To Pay (11.5%) = £561.71
Retain As Profit = £165.76

[Sockpuppet]

Where has this 11.5% come from? I though the flat rate vat was 13% management consultancies in the first year 12% first year.

Unless that is a special rate for highways people.

Edit: That looks right if 11.5% is the rate that you should use.

[Maxamus]

SOCKPUPPET:

Ye mate im a highways engineer and therefore comeunder engineering consultancy which is 12.5% which is 11.5% in the 1st year.

Just realised you have to round BOX 6 to the nearest pound. Isnt this going to throw the other figures off?????
Man i hate this form.

[Sockpuppet]

Nah, round the box.

That is what the Do It Online form does.

[Maxamus]

Payment sent through BACS

Thanks

*** Now just to confirm, my share of the VAT is subject to corp tax when i take a dividend at the end of this month?
In other words, its called as INCOME?

[Sockpuppet]

yes

[THEPUMA]

Box 6 is incorrect. It should be the VAT inclusive figure ie £4,884.40.

Yes I know it says "Total value of sales and all other outputs excluding any VAT." but this is an anomaly of the flat rate scheme.

[Maxamus]

Box 6 is incorrect. It should be the VAT inclusive figure ie £4,884.40.

Yes I know it says "Total value of sales and all other outputs excluding any VAT." but this is an anomaly of the flat rate scheme.

tulip!
I've sent the form off now

What the fook do i do now?

[boredsenseless]

tulip!
I've sent the form off now

What the fook do i do now?

You can amend it in the next quarter without having to report it so long as the discrepancy is under a certain figure (I think its 2000, and you'll be below that)

Can an accountant clarify this one please as I'm only speaking from memory not experience

[Sockpuppet]

Just let it fly. If it is wrong then they will contact you.

As you are overpaying the VAT (according to the figures in box 6) if they query it they should be clever enough to realise what mistake you have made.