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Reply to: Flat rate scheme
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Previously on "Flat rate scheme"
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12% for an IT Contractor is including the 12% just remembered to change mine to 13%
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Gros
Don't forget you get a 1% discount in your first year.
Cheers.
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Originally posted by Gros View PostHi all. Humour me, this is going to seem obvious to many of you, but I just want to clarify something in my mind.
Let's say as an example, I bill £1000, plus the VAT so the total amount billed is £1175.
I think the VAT I pay back to HMRC is at 12% (my company is in first year of IT contracting). Should the amount payable be 12% of £1000, or 12% of £1175?
The reason I ask is that I assume that it should be the former, whereas my accounts seem to show that I have paid the latter!
Thanks...
hth
You have to apply the flat rate percentage to the gross invoiced amount including the VAT. So you don't get to keep 5.5%. It is more like 3.5%. And you have to pay corporation tax on that too.
When I say you, I mean your company, obviously.
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Flat rate scheme
Hi all. Humour me, this is going to seem obvious to many of you, but I just want to clarify something in my mind.
Let's say as an example, I bill £1000, plus the VAT so the total amount billed is £1175.
I think the VAT I pay back to HMRC is at 12% (my company is in first year of IT contracting). Should the amount payable be 12% of £1000, or 12% of £1175?
The reason I ask is that I assume that it should be the former, whereas my accounts seem to show that I have paid the latter!
Thanks...Tags: None
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