VAT registration - Applied for flat rate but nothing back with reg no

[Martin at NixonWilliams]

Thanks. One more question - been reading the HMRC website and it mentions estimating for future income?

Are you referring to the estimated income for the coming year in respect of your flat rate application? You have to expect your turnover (excluding VAT) to be below £150,000 for the first year to be accepted onto the scheme.

Once you are on the scheme you can have an annual income of up to £230,000 (including VAT) before having to leave the scheme (reviewed annually).

Martin

[psychocandy]

You will receive a separate notification of acceptance onto the Flat Rate scheme. If you have not received this within a week or two of the VAT certificate being received I would chase this up with HMRC.

As standard, the VAT return is completed using invoices based on the invoice date so all invoices dated within the VAT period will be declared.

You can elect to complete the return on a cash basis (i.e. based on when invoices are paid) provided you meet certain criteria.

Martin

Thanks. One more question - been reading the HMRC website and it mentions estimating for future income?

[Martin at NixonWilliams]

Applied for VAT and filled in form for flat rate. Had my VAT reg no back but no mention of flat rate.

Am I supposed to recieve notification that I've been accepted for that? Or do I just assume?

Also, probably stupid question, but if my VAT quarter ends June 30th then an invoice on July 1st (even though for work done in June) would be next quarter?

Also, I'm assuming its the date of invoice that matters rather than date of payment? i.e. What if invoice dated 20th June wasnt paid until July?

You will receive a separate notification of acceptance onto the Flat Rate scheme. If you have not received this within a week or two of the VAT certificate being received I would chase this up with HMRC.

As standard, the VAT return is completed using invoices based on the invoice date so all invoices dated within the VAT period will be declared.

You can elect to complete the return on a cash basis (i.e. based on when invoices are paid) provided you meet certain criteria.

Martin

[DaveB]

Applied for VAT and filled in form for flat rate. Had my VAT reg no back but no mention of flat rate.

Am I supposed to recieve notification that I've been accepted for that? Or do I just assume?

Also, probably stupid question, but if my VAT quarter ends June 30th then an invoice on July 1st (even though for work done in June) would be next quarter?

Also, I'm assuming its the date of invoice that matters rather than date of payment? i.e. What if invoice dated 20th June wasnt paid until July?

You'll get a seperate letter from HMRC confirming your Flat Rate acceptance.

Note sure on the date thing tbh.

[psychocandy]

Applied for VAT and filled in form for flat rate. Had my VAT reg no back but no mention of flat rate.

Am I supposed to recieve notification that I've been accepted for that? Or do I just assume?

Also, probably stupid question, but if my VAT quarter ends June 30th then an invoice on July 1st (even though for work done in June) would be next quarter?

Also, I'm assuming its the date of invoice that matters rather than date of payment? i.e. What if invoice dated 20th June wasnt paid until July?