Dumb VAT Question - apologies in advance.

[Bluebird]

FRS calculation is x% of the INVOICE TOTAL [ where x = the value for vat as per your buiness type in the VAT guide ].

ie sales = 10,000
vat therefore 15% = 1500

x = 11%

VAT due therefore is 11% of 11500 = £1265.00

True or false?

[Archangel]

looks right to me.

[CiderEagle]

Spot on - its 11% of the gross.

[BolshieBastard]

There's a further 1% discount if the company is in its first year of existence.

Otherwise, I thought it was 11.5% for IT Contractors as from December 2008?

http://www.hmrc.gov.uk/vat/start/sch...lat-rate.htm#5

[Moscow Mule]

There's a further 1% discount if the company is in its first year of existence.

Otherwise, I thought it was 11.5% for IT Contractors as from December 2008?

http://www.hmrc.gov.uk/vat/start/sch...lat-rate.htm#5

being on the FRS.

And yes, I use 11.5% but others don't.

[BrilloPad]

My FRS is only 9%

[Moscow Mule]

My FRS is only 9%

Investigation or security?

[BrilloPad]

Investigation or security?

No idea! I followed the instructions when registering. I ended up with 10% for 17.5% VAT, 9% now. I have no idea how it happened.

I think I am "services - other" or something like that.

[BolshieBastard]

Well I hope those who arent using 11.5% have money in store for any VAT investigation.

[Bluebird]

Well I hope those who arent using 11.5% have money in store for any VAT investigation.

I'm Business Consultantcy rather than just pure IT, so I get and extra 1/2 a % in the old skyrocket...