Show Flat-rate VAT in accounts for Companies House?

[squowse]

As I am using the flat-rate scheme for paying VAT from my limited company, in my accounts for the inland revenue I am showing income gross less flat rate VAT and expenses as inclusive of VAT.

I also have to present accounts to companies house, shall i do the same for those?

[Instinctive]

I would imagine so.

Normally only one set of accounts are prepared for everyone. However, the accounts which are filed with the Companies House are abbreviated to remove most of the detailed Profit & Loss Account information because you would want to make available the minimum bare information for public filing.

Also remember that the Companies House accounts have to comply with the disclosure requirements of the Companies Act.

Ramnik
ramnikrp@hotmail.com

[squowse]

Well the accounts for the inland revenue use capital allowances for my fixed assets, but those for companies house use depreciation. Or have I got something wrong?
Sorry it's my first time but i'm determined to do the end of year acounts myself!

[cranleys]

I agree with Ramnik's views.

The flat rate VAT can be shown in a number of ways. I prefer to set off against income and leave expenses shown as gross.

While I admire your interest in preparing annual statutory accounts with a client base of 8 accountants it is really a very risky idea. Non-compliance which will not get picked up at the filing stage would render you subject to an offence and liable for nasty fines.

If it is cost you are concerned it should not be a concern - a low fixed fee is quite easy to find.

Available to disucuss matters.

Colin Davison - Cranleys Chartered Accountants
colin.davison@cranleys.co.uk T 01252-852220, M 07766-714000
Editor/ Writer of Property Tax Secrets, Inheritance Tax Secrets

Our aim - "create value, achieve success"

There is nothing to substitute proper professional advice because each taxpayer's personal and business circumstances differ.

[paultaylor@vatease.c]

The Inland Revenue's guidance on reporting income for those on the VAT Flat Rate Scheme is here:

http://www.inlandrevenue.gov.uk/manuals ... M31585.htm

Regards

Paul Taylor
http://www.vatease.co.uk/

[Instinctive]

Just for the benefit of the querist:
A separate calculation is prepared for the Inland Revenue to convert business accounts profits to tax profits.

Ramnik

[CDavey9501@aol.com]

I suspect you may be entitled to file abbreviated accounts at companies house - effectively simple balance sheet and notes.

[Instinctive]

Additionally, the abbreviated accounts filed at the Companies House must comply with the disclosure requirements of the Companies Acts.

Ramnik
ramnikrp@hotmail.com

[squowse]

Thanks for all your advice. I have now realised that I should put the flat rate VAT in the accounts, and then add a separate page for the inland revenue making the necessary adjustments. I will only supply a balance sheet to companies house, but this has to show the profit/loss brought forward.

Thanks again. Hope this helps others.