Flat rate VAT Return question

[pippin]

I'm just about to submit my first ever VAT return and I want to make sure I get the figures right. Can I just quickly check my understanding is correct.

If for arguments sake I only raised 1 invoice for the period covered by this VAT return; that invoice was for 50 hours worked at £20p/h, which is a total of £1000. The total invoice raised would be £1200 to include 20% VAT.

My flat rate VAT for my first year is 13.5%

So the figure in box 1 on the online form (Vat due on sales and other outputs) would be 13.5% of the total invoice amount (£1200), in this example £162. Or should it be 13.5% of £1000?

And the figure in box 6 (Your flat rate turnover for the period) would be the total invoice amount, in this example £1200?

I just want to make sure I 'really get it' before pushing that submit button

Thanks guys

[Clare@InTouch]

You're taking 13.5% of the gross, so £1,200 = £162. The box 6 figure should be the gross sales value, so £1,200 (it says net sales, but that's just because they've never updated the form).

[Jeremiah@RHJAccountants]

I'm just about to submit my first ever VAT return and I want to make sure I get the figures right. Can I just quickly check my understanding is correct.

If for arguments sake I only raised 1 invoice for the period covered by this VAT return; that invoice was for 50 hours worked at £20p/h, which is a total of £1000. The total invoice raised would be £1200 to include 20% VAT.

My flat rate VAT for my first year is 13.5%

So the figure in box 1 on the online form (Vat due on sales and other outputs) would be 13.5% of the total invoice amount (£1200), in this example £162. Or should it be 13.5% of £1000?

And the figure in box 6 (Your flat rate turnover for the period) would be the total invoice amount, in this example £1200?

I just want to make sure I 'really get it' before pushing that submit button

Thanks guys

The figures should look like this based on your workings

Box 1 £162
Box 2 £0
Box 3 £162
Box 4 £0
Box 5 £162
Box 6 £1200
Box 7 £0
Box 8 £0
Box 9 £0

You can press submit

[Nixon Williams]

I'm just about to submit my first ever VAT return and I want to make sure I get the figures right. Can I just quickly check my understanding is correct.

If for arguments sake I only raised 1 invoice for the period covered by this VAT return; that invoice was for 50 hours worked at £20p/h, which is a total of £1000. The total invoice raised would be £1200 to include 20% VAT.

My flat rate VAT for my first year is 13.5%

So the figure in box 1 on the online form (Vat due on sales and other outputs) would be 13.5% of the total invoice amount (£1200), in this example £162. Or should it be 13.5% of £1000?

And the figure in box 6 (Your flat rate turnover for the period) would be the total invoice amount, in this example £1200?

I just want to make sure I 'really get it' before pushing that submit button

Thanks guys

Box 1 should be the VAT due, so in your example 13.5% of £1,200 ie £162.00

The Flat rate % is applied to the gross invoice value.

Box 6 should be the gross invoice value ie £1,200

Alan

[pippin]

Thank you guys, I thought that was right but a bit paranoid about Mr Vat Man.

You're time is much appreciated

[Kugel]

If for arguments sake I only raised 1 invoice for the period covered by this VAT return;

Do you know that you can also use cash based turnover method?

[pippin]

Do you know that you can also use cash based turnover method?

Nope, what's that ?

[Kugel]

Nope, what's that ?

Under cash based turnover method you only account for VAT on paid invoices.

HMRC - Flat Rate Scheme for small businesses

[pippin]

Done.

Thanks for your help