Flat rate Vat And income tax

Flat rate Vat And income tax

Postby abc-inflatables on Sun Jan 29, 2012 11:24 am

Hi
When filling in my income tax return
Do i record all sales and expenses at gross amounts then deducting flat-rate VAT paid over to HMRC from sales only?
abc-inflatables
 
Posts: 17
Joined: Sat May 09, 2009 7:53 pm

Re: Flat rate Vat And income tax

Postby pawncob on Sun Jan 29, 2012 10:22 pm

Declare all sales Gross. Charge VAT paid as an expense.
With a pinch of salt take what I say, but don't exceed your RDA
pawncob
 
Posts: 2262
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Flat rate Vat And income tax

Postby abc-inflatables on Mon Jan 30, 2012 10:12 pm

Thankyou for the reply, I dont think i worded my question very good.

What i was trying to say is do you use gross amounts for expences or do you have to take 20% off?
abc-inflatables
 
Posts: 17
Joined: Sat May 09, 2009 7:53 pm

Re: Flat rate Vat And income tax

Postby pawncob on Tue Jan 31, 2012 12:02 am

You can't reclaim the VAT so charge the gross cost of the expense.
With a pinch of salt take what I say, but don't exceed your RDA
pawncob
 
Posts: 2262
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Flat rate Vat And income tax

Postby abc-inflatables on Tue Jan 31, 2012 9:01 pm

Thankyou
abc-inflatables
 
Posts: 17
Joined: Sat May 09, 2009 7:53 pm


Return to Business Tax

Dorifor Internet Marketing Dorifor Tax Group - our portfolio of tax sites:

UK's largest independent tax portal All the tax books on one site global tax seminars, conferences and other events Global tax jobs portal List of UK recruitment agencies and employers