Sanity check please:
I'm attempting to do my CT600, and just to be sure, the "turnover" should be sales ex-VAT, plus the money that I've made by being on the FRS.
So if it was £10,000 sales for the year, that would be £12,000 gross * 14.5% = £1740 that I would have paid in VAT. So the gain is £2000 - £1740 = £260, making my turnover £10,260.
Am I doing the right thing? So far I have discrepency of £97 and I can't work out why.
I'm attempting to do my CT600, and just to be sure, the "turnover" should be sales ex-VAT, plus the money that I've made by being on the FRS.
So if it was £10,000 sales for the year, that would be £12,000 gross * 14.5% = £1740 that I would have paid in VAT. So the gain is £2000 - £1740 = £260, making my turnover £10,260.
Am I doing the right thing? So far I have discrepency of £97 and I can't work out why.
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