Flat rate return sanity check - Reclaiming VAT on purchase

[dagenheis]

Just to be clear, £10k is your total sales including VAT (your flat rate turnover) and your flat rate is 14.5%?
Yes that's correct[/B]

If so it looks right to me. Remember if you ever sell the asset you need to account for VAT on the sale using standard VAT accounting, not using your flat rate.

Edit: You're missing 67p off the box 7 total. Probably trivial but it would match with the box 4 value then.
I entered the actual values from the purchase invoice but the HMRC online return website is rounding off the Box 7 figure to the whole number. I think it's acceptable then.

Thanks!

[TheCyclingProgrammer]

Just to be clear, £10k is your total sales including VAT (your flat rate turnover) and your flat rate is 14.5%?

If so it looks right to me. Remember if you ever sell the asset you need to account for VAT on the sale using standard VAT accounting, not using your flat rate.

Edit: You're missing 67p off the box 7 total. Probably trivial but it would match with the box 4 value then.

[dagenheis]

I do my own Flat rate VAT returns online. For a recent return juust wanted to do a sanity check on reclaiming VAT for the capital purchase (2000GBP).

In summary: enter VAT paid from the purchase invoice in Box 4 and enter total price of the purchase excluding VAT in Box 7. Rest of the info should be the same as a standard FRS return. (no EC acquisiton/purchases etc are involved). Does it look Ok?

As an example:

VAT due in this period on sales and other outputs (Box 1): GBP1450.00
VAT due in this period on acquisitions from other EC
Member States (Box 2): GBP0.00
Total VAT due (the sum of boxes 1 and 2) (Box 3): GBP1450.00

VAT reclaimed in this period on purchases and other inputs,
(including acquisitions from the EC) (Box 4): GBP333.33

Net VAT to be paid to HM Revenue & Customs or reclaimed by
you (Difference between boxes 3 and 4) (Box 5): GBP1,116.67

Total value of sales and all other outputs excluding any VAT.
Include your box 8 figure (Box 6): GBP10,000.00

Total value of purchases and all other inputs excluding any
VAT. Include your box 9 figure (Box 7): GBP1,666.00

Total value of all supplies of goods and related costs,
excluding any VAT, to other EC Member States (Box 8): GBP0.00

Total value of all acquisitions of goods and related costs,
excluding any VAT, from other EC Member States (Box 9): GBP0.00