VAT Registration

[backlight]

I have a basic question about the VAT Flat Rate Scheme in a LTD company. I understand you remit 13% of the 17.5% VAT collected in an IT consultancy. As such the other 4.5% stays in the company account.

That said is the 4.5% seen a profit and sibject to CT?

[Davey78]

I submitted my VAT registration online and then sent the FRS application via email. The email bounced, so I tried again and it bounced again. I phoned them up and they said the email address on the website was wrong. So I sent the FRS via email to the correct address and got a call the next day saying that they can't process it without the VAT registration number, so to re-submit the application once I have the VAT number. This is despite it saying on their website that you should submit the FRS application with or soon after the VAT application.

So far, I'm not impressed. Fortunately, I have a written agreement with the current agency that I will be able to invoice them for VAT retrospectively, once I have the VAT certificate. I was hoping that I would only have to raise this invoice for a few weeks of VAT, but at the rate things are going I'm getting concerned that I might be chasing this up 6 months from now and it will get to be a real hassle.

[VectraMan]

That said is the 4.5% seen a profit and sibject to CT?

Yes. But it's not 4.5%. It's about 2% of the net (or 13% of the VAT) that you get to keep.

[FarmerPalmer]

Sent mine off today - wish me luck

[Bootlaces]

w00t

Got mine through last week. Sent the form off start of may - took until august to arrive. This is from the Leeds office....

bootlaces.

[Devlin]

Well i'm at my 5 week anniversary waiting for my VAT number. What is anyone else at ?

12 weeks and still waiting...

[Pacman]

My application is at Wolverhampton, I called them to say they were doing further checks, then I had the letter saying "we're doing further checks, dont call us for 15 weeks!". I applied End of March, still waiting...

It turned up Friday! Applied 22nd March, received 31st August. Just got FRS to sort out now!

[poser]

11 weeks and counting.... oh im not lookin forward to having to go through all my invoices and work out the vat then invoice everyone for it!

[ctdctd]

Applied online July 14th and sent copy of my contract to the address given at the end of the application quoting the registration reference number.

Got my Notification of Registration with VAT number today saying VAT certificate will follow shortly. This from the Grimsby office and I haven't had to chase them at all.

[Davey78]

I submitted my VAT registration online and then sent the FRS application via email. The email bounced, so I tried again and it bounced again. I phoned them up and they said the email address on the website was wrong. So I sent the FRS via email to the correct address and got a call the next day saying that they can't process it without the VAT registration number, so to re-submit the application once I have the VAT number. This is despite it saying on their website that you should submit the FRS application with or soon after the VAT application.

I've now had the anticipated "proof of in business" request. This a couple of weeks after I filed for VAT registration, which, from other posts in this thread, is reasonably swift. Now that they have the evidence, which I sent off on Monday, I doubt they'll process the application with the same speed they requested evidence, but I await being pleasantly surprised.