Profit from Flat Rate VAT - does this count as turnover in annual accounts?

**mudskipper** · 30 January 2013, 18:47

Yes, you pay corp tax on the profit from FRS.

**Bluebird** · 30 January 2013, 19:09

Originally posted by mudskipper View Post

Yes, you pay corp tax on the profit from FRS.

yes, but on the annual accounts where is it shown ?

is it counted as turnover as it's income of a sort, even though it's not invoiced?

**Greg@CapitalCity** · 30 January 2013, 19:38

Yep, included in Turnover.

**northernladuk** · 30 January 2013, 19:59

Loads of references to this on accountingweb such as...

FRS Profit, is it finance income and thus not possible to offset trading losses? | AccountingWEB

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