FRS VAT Calculations
@Keepitsimple wrote: Im on Flat Rate : 11.5% Settings are set to flat rate and 11.5% is entered in the system. My cash till entries into quickbooks are inclusive of VAT. My understanding of this...
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@ian_roberts wrote: The flat rate scheme doesn’t affect the vat you charge to your customers - that is still 20% of the net in the normal way (unless the things you’re selling attract a lower rate,...
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@Keepitsimple wrote: 3Hi Ian, yes I know the first paragraph . as for the second paragraph I still feel that the calc should return £36.20 which is the actual 11.5% Vat I have charged not £40.37...
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@ian_roberts wrote: If you’re not actually giving proper VAT invoices to your customers then it doesn’t really matter how you record those sales in QuickFile as long as the gross total is correct -...
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@Keepitsimple wrote: I think I’ll ring HMRC and get it from the horses mouth. £351.00 is a gross sales figure inc of vat . here is what i;ve been using as source. Using Multiplication Method on a...
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@Keepitsimple wrote: Maths always hurt my head Ian : Read full topic
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@ian_roberts wrote: If you want to work it out by hand then if you have a gross total of £351 and you’re on flat rate of 11.5% then you will pay £40.37 of that £351 over to HMRC and keep the rest. But...
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@QFMathew wrote: Hi @Keepitsimple What @ian_roberts mentions is correct. You charge your customers the standard UK VAT rates of 0%, 5% or 20%, depending on the products or services. From here you...
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@ian_roberts wrote: To be clear - that “division method” you refer to would be what you would use in a case where you have a total amount including VAT, you know the rate of VAT that it includes (the...
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@Keepitsimple wrote: I don’t invoice so I was merely thinking of adding 11.5% to my prices and that 11.5% is the VAT mans. Is my thinking wrong on this. Sorry if this taking time to sink in , despite...
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@Keepitsimple wrote: so in effect as the figure is gross inc of VAT you are sort of adding it again ? I think I understand , the calc I was doing is finding the VAT element of any figure ? It was...
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@ian_roberts wrote: The way VAT normally works without the flat rate scheme is that you charge 20% VAT out to your customers on what you sell, but in return you are entitled to claim back any VAT you...
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@ian_roberts wrote: Another thought though - you describe your business as a “cafe” but if you do a significant take away trade then it would be worth taking some professional advice from an...
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@Keepitsimple wrote: Thanks for taking the time to explain this. I’m trying to get to grips with understanding the vat , evaluate software and cope with a new all singing and dancing till which has a...
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@ian_roberts wrote: Congratulations on having grown your business to the point where you are taking over £85,000 just in the summer season Read full topic
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@Keepitsimple wrote: Well the season is Easter to end of October really and then business drops off a cliff. It is a squirrels existence , make hay while the weather is good and hopefully see yourself...
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@ian_roberts wrote: Keepitsimple: some people still complain occasionally about prices as they are , so I’m sensitive about it. In reality they are comparing apples with oranges I have exactly the...
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@Keepitsimple wrote: now see , I personally love those type of shops and they are more common as food culture has changed in the U.K. but there is a lingering problem with portion size and price which...
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@system wrote: This topic was automatically closed after 7 days. New replies are no longer allowed. Read full topic
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