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Previously on "Flat Rate Scheme VAT rates will be ammended!"
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£4.50 / £1000 ?!!!
This will cost me over £40 a month.
I take back back all the bananas in my OP.
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Originally posted by TheFaQQer View PostYes - you're right.
£4.50 worse off for every £1000 of net billing.
QB.
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Originally posted by TheFaQQer View PostI get a different figure for my calculations...
17.5% VAT, 13% FRS:
Gross billing = 1175
VAT @ 17.5% = 175
Net billing = 1000
FRS payment = 135.1769912
15% VAT, 11.5% FRS:
Gross billing = 1150
VAT @ 15% = 150
Net billing = 1000
FRS payment = 118.6098655
So the difference I get it to be is £8.43 for every £1000 billed (Net)
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Originally posted by TheFaQQer View PostI get a different figure for my calculations...
17.5% VAT, 13% FRS:
Gross billing = 1175
VAT @ 17.5% = 175
Net billing = 1000
FRS payment = 135.1769912
15% VAT, 11.5% FRS:
Gross billing = 1150
VAT @ 15% = 150
Net billing = 1000
FRS payment = 118.6098655
So the difference I get it to be is £8.43 for every £1000 billed (Net)
17.5% VAT, 13% FRS:
Gross billing = 1175
VAT @ 17.5% = 175
Net billing = 1000
FRS payment = 13% * 1175 = £152.75
Net kept after FRS = 1175 - £152.75 = £1022.25
15% VAT, 11.5% FRS:
Gross billing = 1150
VAT @ 15% = 150
Net billing = 1000
FRS payment = 11.5% * 1150 = £132.25
Net kept after FRS = 1150 - £132.25 = £1017.75
Difference is you're £4.50 worse off.
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Originally posted by MrRobin View PostNo. You'll be £4.50 worse off per £1000 invoiced (pre VAT)
17.5% VAT, 13% FRS:
Gross billing = 1175
VAT @ 17.5% = 175
Net billing = 1000
FRS payment = 135.1769912
15% VAT, 11.5% FRS:
Gross billing = 1150
VAT @ 15% = 150
Net billing = 1000
FRS payment = 118.6098655
So the difference I get it to be is £8.43 for every £1000 billed (Net)
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Originally posted by MrRobin View PostNo. You'll be £4.50 worse off per £1000 invoiced (pre VAT)
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By my calculation this means you lose out
2k @ 1.175= 2350
2k @ 1.15=2300
0.13 *2300= 305.5
0.115 * 2300=264.5
44.5 under old rates
35.5 under new
I'm tired so I could have got this wrong
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Originally posted by lambrini_socialist View Postwill the reduction in FRS cover everything invoiced during MyCo's last VAT quarter? or do i apply 12% to the gross revenue up until 30/11/08, and 9.5% to everything invoiced after?
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