VAT FRS Return completion.

[BolshieBastard]

Been informed by HMRC that my app to join the FRS from 1 March 09 has been accepted from 1 December 08!

So, my current return due end of March needs filling in as per the FRS but Im a little confused how to do this.

In Box 6, do I put my VAT inclusive income ie say (£1500 x 115%) x 13 = £22425?

What do I put in Box 1? Is it £22425 x 11.5% = £2578 and this is how much I pay HMRC, assuming no EU income etc?

TIA

[Gonzo]

Been informed by HMRC that my app to join the FRS from 1 March 09 has been accepted from 1 December 08!

So, my current return due end of March needs filling in as per the FRS but Im a little confused how to do this.

In Box 6, do I put my VAT inclusive income ie say (£1500 x 115%) x 13 = £22425?

What do I put in Box 1? Is it £22425 x 11.5% = £2578 and this is how much I pay HMRC, assuming no EU income etc?

TIA

Bear in mind that I never worked these figures out myself, only once or twice tried to work out if I could understand what the accountant was telling me :

Boxes 1 3 and 5 were always the same figure, and this was the amount of the payment to HMRC. This was worked out as the total invoiced amount (including pence) multiplied by the FRS VAT %age.

Boxes 2,4,7,8,9 were always "NONE".

Box 6 was the total invoiced amount, including VAT, but excluding the pence on the end.

There has been a bit of debate about whether this figure should include income such as bank interest (see previous threads on the topic). My accountant never included it.

Ah, bank interest. I remember those days.....

[BolshieBastard]

Bear in mind that I never worked these figures out myself, only once or twice tried to work out if I could understand what the accountant was telling me :

Boxes 1 3 and 5 were always the same figure, and this was the amount of the payment to HMRC. This was worked out as the total invoiced amount (including pence) multiplied by the FRS VAT %age.

Boxes 2,4,7,8,9 were always "NONE".

Box 6 was the total invoiced amount, including VAT, but excluding the pence on the end.

There has been a bit of debate about whether this figure should include income such as bank interest (see previous threads on the topic). My accountant never included it.

Ah, bank interest. I remember those days.....

According to the HMRC site bank interest should be included. But since we're only talking pence I dont see that that matters.

I just need to know if Box 6 should be the total VAT inclusive turnover then box 1 (or whatever box is the amount paid to HMRC) is calculated as being the box 6 amount x the relevant FRS percentage. This being 11.5% for contractors (not in the first year of trading).

[Gonzo]

I just need to know if Box 6 should be the total VAT inclusive turnover then box 1 (or whatever box is the amount paid to HMRC) is calculated as being the box 6 amount x the relevant FRS percentage. This being 11.5% for contractors (not in the first year of trading).

Almost - but beware of the rounding.

Assuming no other sources of income, Box 6 is the total invoiced amount including VAT, (round the figure down to the whole £, exclude any pence on the end).

Box 1 is the total invoiced amount not rounded down, multiplied by the FRS VAT %age.

These are the figures my accountant gave me.

As usual, IANAA, I am not qualified to advise. The value of your investment and the income from it an go up as well as down. etc etc.

[Archangel]

from the horse's mouth

http://customs.hmrc.gov.uk/channelsP...345#P468_33414

[Gravy Train]

If you complete it online it's a piece of p#ss as you only have to fill in two boxes - off the top of my head, it's something like total revenue and amount you are remitting - do a search on google and some guy's done a how-to...

I do my own and have done it this way twice with no recourse...