Originally posted by HMRC
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Flat Rate Schema and Bank Interest
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Flat Rate Schema and Bank Interest"
Collapse
-
I was with PlanIT and they never included it in FRS!
Also, it doesn't make sense. You charge your client VAT for services provided. Bank interest does not have VAT applied in any way shape or form?
Leave a comment:
-
I cannot see how VAT would be due on interest, as someone has already said, VAT is not charged on interest in the first place.
Leave a comment:
-
Originally posted by Archangel View Post
Leave a comment:
-
-
I talked to my accountant about this a year or so ago and he said not to include it.
There have also been various discussions on bulletin boards about this. From what I can remember you can get different interpretations of whether its included or not even from HMRC.
Leave a comment:
-
Originally posted by Chugnut View PostSend the above link to your current accountants and SJD. Ask them to explain why there's a discrepancy.
http://forums.contractoruk.com/accou...light=interest
Leave a comment:
-
Originally posted by Lewis View PostI also have an old SJD spreadsheet and that appears to ignore bank interest as well as far as I can see.
Any thoughts?
Leave a comment:
-
Send the above link to your current accountants and SJD. Ask them to explain why there's a discrepancy.
Leave a comment:
-
Flat Rate Schema and Bank Interest
What do people make of this ...
http://www.shout99.com/contractors/s...;id=51209;n=10
QDOS say you must put bank interest down when calculating Flat Rate VAT and enclosed text from an HMRC letter they were sent on the subject.
There was a thread a while ago where the concensus was you -don't- put down bank interest when calculating FRS. My accountants have never mentioned ban k interest, I also have an old SJD spreadsheet and that appears to ignore bank interest as well as far as I can see.
Any thoughts?Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: