Accounts spreadsheet and corp tax calc on flat vat

[richy]

Hi. ltd co on flat rate scheme. wondering about final accounts..

flat vat returns have been done, just need to tally up stuff in Expenditure section of accounts spreadsheet. Had been keeping VAT+Net for the outgoings... is that necessary if on flat rate scheme?

so then do I just calc the gross total income of invoices (net+vat) and interest on account, and then deduct all gross outgoings (total of net+vat if any) to leave profit.. and then just 20% of that..?

thanks for any tips. thx. richy.

[chris79]

I'm sure someone will read this and suggest you ask your accountant, thought I would say it first though to spoil the party.

[Gonzo]

Hi. ltd co on flat rate scheme. wondering about final accounts..

flat vat returns have been done, just need to tally up stuff in Expenditure section of accounts spreadsheet. Had been keeping VAT+Net for the outgoings... is that necessary if on flat rate scheme?

so then do I just calc the gross total income of invoices (net+vat) and interest on account, and then deduct all gross outgoings (total of net+vat if any) to leave profit.. and then just 20% of that..?

thanks for any tips. thx. richy.

It might be more complicated than that.

There could be some depreciation on equipment to take into account if any has been bought in this, or a previous, tax year.

Unless your company year runs from 1 April to 31st March then the corporation tax will not be 20% for the entire year so the profit will have to be apportioned to the correct rates accordingly.


Those are just the things that I can think of from myCo's accounts over the past couple of years, there may be other things depending on the circumstances.

I pay an accountant to work all that stuff out for me, for good reason.

[richy]

I pay an accountant to work all that stuff out for me, for good reason.

Thanks for the reply with info

[someone has my name]

Ask your accountant

[dude69]

Hi. ltd co on flat rate scheme. wondering about final accounts..

flat vat returns have been done, just need to tally up stuff in Expenditure section of accounts spreadsheet. Had been keeping VAT+Net for the outgoings... is that necessary if on flat rate scheme?

so then do I just calc the gross total income of invoices (net+vat) and interest on account, and then deduct all gross outgoings (total of net+vat if any) to leave profit.. and then just 20% of that..?

thanks for any tips. thx. richy.

Here are my tips:

• sentences should start with capital letters
• you only need ONE full stop at the end of a sentence
• if you are asking for people to spend a lot of their time helping you, it would be polite to spend a bit of your own constructing your request in normal English, ensuring that all your sentences are intelligible
• professional people generally do not appreciate 'txt spk'
• if you do not understand basic accounting, the best course of action is to pay someone that does. This person is called an accountant.

[Platypus]

Here are my tips: ...

Harsh. But funny

[SueEllen]

Here are my tips:

• sentences should start with capital letters
• you only need ONE full stop at the end of a sentence
• if you are asking for people to spend a lot of their time helping you, it would be polite to spend a bit of your own constructing your request in normal English, ensuring that all your sentences are intelligible
• professional people generally do not appreciate 'txt spk'
• if you do not understand basic accounting, the best course of action is to pay someone that does. This person is called an accountant.

I know how you feel though

[chris79]

Here are my tips:

• sentences should start with capital letters
• you only need ONE full stop at the end of a sentence
• if you are asking for people to spend a lot of their time helping you, it would be polite to spend a bit of your own constructing your request in normal English, ensuring that all your sentences are intelligible
• professional people generally do not appreciate 'txt spk'
• if you do not understand basic accounting the best course of action is to pay someone that does. This person is called an accountant.

• Sentences should start with a capital letter.
• You only need ONE full stop at the end of a sentence.
• If you are asking for people to spend a lot of their time helping you, it would be polite to spend a bit of your own constructing your request in normal English, ensuring that all your sentences are intelligible.
• Professional people generally do not appreciate 'txt spk'.
• If you do not understand basic accounting, the best course of action is to pay someone that does, this person is called an accountant.