Dumb VAT Question - apologies in advance. - Contractor UK Bulletin Board

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BolshieBastard replied

10 July 2009, 15:53
Originally posted by Moscow Mule View Post

being on the FRS.

And yes, I use 11.5% but others don't.

No, first year of company existence. If you join FRS after the company's first year, the discount doesn't apply.

Or is that what you meant?
Leave a comment:
PhilAtBFCA replied

10 July 2009, 11:29
Vat Frs

Bluebird

FRS calculation is x% of the INVOICE TOTAL

Yes if those are the only "supplies" you have, but if you have bank interest ( sorry if this is repeated for anyone who has followed the other threads on this ) you need to include that, so maybe its best to think of "Flat rate Turnover" rather than "Invoice Total" See here for further details.

Phil
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Bluebird replied

9 July 2009, 21:19
Originally posted by BolshieBastard View Post

Well I hope those who arent using 11.5% have money in store for any VAT investigation.

I'm Business Consultantcy rather than just pure IT, so I get and extra 1/2 a % in the old skyrocket...
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BolshieBastard replied

9 July 2009, 20:49
Well I hope those who arent using 11.5% have money in store for any VAT investigation.
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BrilloPad replied

9 July 2009, 20:31
Originally posted by Moscow Mule View Post

Investigation or security?

No idea! I followed the instructions when registering. I ended up with 10% for 17.5% VAT, 9% now. I have no idea how it happened.

I think I am "services - other" or something like that.
Leave a comment:
Moscow Mule replied

9 July 2009, 20:22
Originally posted by BrilloPad View Post

My FRS is only 9%

Investigation or security?
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BrilloPad replied

9 July 2009, 20:18
My FRS is only 9%
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Moscow Mule replied

9 July 2009, 20:17
Originally posted by BolshieBastard View Post

There's a further 1% discount if the company is in its first year of existence.

Otherwise, I thought it was 11.5% for IT Contractors as from December 2008?

http://www.hmrc.gov.uk/vat/start/sch...lat-rate.htm#5

being on the FRS.

And yes, I use 11.5% but others don't.
Leave a comment:
BolshieBastard replied

9 July 2009, 19:39
There's a further 1% discount if the company is in its first year of existence.

Otherwise, I thought it was 11.5% for IT Contractors as from December 2008?

http://www.hmrc.gov.uk/vat/start/sch...lat-rate.htm#5

Last edited by BolshieBastard; 9 July 2009, 19:42.
Leave a comment:
CiderEagle replied

9 July 2009, 14:56
Spot on - its 11% of the gross.
Leave a comment:
Archangel replied

9 July 2009, 14:43
looks right to me.
Leave a comment:
Bluebird started a topic Dumb VAT Question - apologies in advance.

9 July 2009, 13:48
Dumb VAT Question - apologies in advance.

FRS calculation is x% of the INVOICE TOTAL [ where x = the value for vat as per your buiness type in the VAT guide ].

ie sales = 10,000
vat therefore 15% = 1500

x = 11%

VAT due therefore is 11% of 11500 = £1265.00

True or false?
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