Reduced VAT Rate

[PAH]

It's right about now I'm thinking the FRS is actually more complex that the normal route.

[mailric]

Just submitted my first reduced VAT Rate Invoice....wooooooo

How exciting

So have I, it was a pain in the ass.

I built myself a nice little invoicing database a while back that just needed a slight change for the new rate.

Of course, without doing a proper impact assessment and following a change control process (that I constantly whine on to my clients about), my database now shows all previous invoices as having charged 15%. brilliant.

im an idiot.

[thunderlizard]

Yes. With a few little exceptions (e.g. corporation tax itself), "in" minus "out" = "profit" however they come about.

[Cheshire Cat]

slightly related question: the interest you earn on the VAT that's sat in your business account - is this included as a profit on your balance sheet? (i.e. do you then have to pay 30% corp tax on this interest too).

Likewise, if I stick all the corp tax money from 2008-09 into a business savings accoutn and earn £1k in interest before I have to pay the CT to hector the following Jan, does this count as company profit for the year 2009-10?

[Cooperinliverp00l]

Why are you happy about this?!

Not sure it's just exciting !!

[VectraMan]

Just had my first reduced rate VAT invoice paid.

[SallyAnne]

Just submitted my first reduced VAT Rate Invoice....wooooooo

How exciting

Why are you happy about this?!

[Mich the Tester]

Just submitted my first reduced VAT Rate Invoice....wooooooo

How exciting

I hope they don’t do this in NL. I rather enjoy putting the VAT I’ve collected into 3 month savings letters and catching some interest on it before paying the vat man. Double whammy; the interest rate’s gone down too. That used to bring in an extra 1400 euros per year before all the interest rate cuts.

[Cooperinliverp00l]

Just submitted my first reduced VAT Rate Invoice....wooooooo

How exciting