Box 6: your flat rate turnover for the period
Enter in Box 6 the flat rate turnover - including VAT - that you applied your flat rate percentage to. For example, if your flat rate turnover for the period is £10,000 and your percentage is 8 per cent then you would enter £10,000 in Box 6 and 8 per cent of £10,000 - that is, £800 - in Box 1. Don't forget to include in your flat rate turnover supplies that are exempt from VAT like rent.
Slightly confused here.
For eg. Assuming the gross turnover for last quarter is £10k. Adding VAT collected (@17.5%), the total VAT inclusive turnover is £11.75k. The FRS percentage is 12.5%, which will be applied to £10k and hence VAT due would be £1.25k, which goes in Box 1.
So which figure goes into Box 6? £10k or £11.75k?
I am leaning towards £10k but slighlty confused by the words 'including VAT'.
Thanks!
Enter in Box 6 the flat rate turnover - including VAT - that you applied your flat rate percentage to. For example, if your flat rate turnover for the period is £10,000 and your percentage is 8 per cent then you would enter £10,000 in Box 6 and 8 per cent of £10,000 - that is, £800 - in Box 1. Don't forget to include in your flat rate turnover supplies that are exempt from VAT like rent.
Slightly confused here.
For eg. Assuming the gross turnover for last quarter is £10k. Adding VAT collected (@17.5%), the total VAT inclusive turnover is £11.75k. The FRS percentage is 12.5%, which will be applied to £10k and hence VAT due would be £1.25k, which goes in Box 1.
So which figure goes into Box 6? £10k or £11.75k?
I am leaning towards £10k but slighlty confused by the words 'including VAT'.
Thanks!
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