Online VAT Returns

[AtW]

I use online form now - fairly straightforward (well the numbers come out from Sage system so thats easy), it's the payment that's rather backwards - why send people to some tulipy billpay ffs!

[Moscow Mule]

FFS!!!!.

Why is Interest recieved in the FRS VAT Calculation? Its not vatable sales, or is it?

Because HMRC are twats.

Working out how much VAT you need to pay using your flat rate percentage

You calculate your VAT payable to HMRC by applying your flat rate VAT percentage to your 'flat rate turnover'. If you are still in your first year of VAT registration, remember to reduce your flat rate percentage by one.
Your flat rate turnover is all the supplies your business makes including all:

• VAT inclusive sales for standard rate, zero rate and reduced rate supplies
• sales of exempt supplies, such as rent or lottery commission - you don't have to make any partial exemption calculations
• sales of capital expenditure goods - unless you have previously reclaimed the VAT, in which case they must be accounted for at the standard rate and not the flat rate.
• sales to other EU countries
• bank interest received on a business account
• sales of second-hand goods - but if you sell a lot of these, you may be better off leaving the Flat Rate Scheme and using a margin scheme

Don't include:

• services you've purchased from outside the UK that you've had to reverse charge
• disbursements - costs you pass on to your clients that meet the necessary VAT conditions
• private income, for example income from shares
• the proceeds from the sale of goods you own but which have not been used in your business
• any sales of gold that are covered by the VAT Act, Section 55 - see the link below
• non-business income and any supplies outside the scope of UK VAT
• sales of capital expenditure goods on which you have claimed back the VAT you paid

[Waldorf]

I now prefer the online system, I have also signed up to paying by DD so I get a bit longer to pay

My accountant prepares the VAT return and then it is submitted online, simples!