VAT Return - box 6

[nickjonesuk]

Hello, I am on the Flat Rate Scheme.

My accountant has arrived at the figure of £32,833.85 turnover for this period.

I am on 4.5% FRS, which equals to £1,477.52. So he has put that into boxes 1,3,5.

That sounds all correct to me, however...

Box 6 (total value of sales ex VAT) - He has come to the figure of £31,356 - my maths isn't great but shouldn't this be £27,909 ?

All other boxes say NONE.

Thanks for your help...

 

[David Griffiths]

Er £32,833 - £1,477 might come to a number that you recognise.

Why didn't you simply ask your accountant? :|

 

[nickjonesuk]

He's just left but his mobile is switched off, also I like to hear other opinions thanks

 

[elaine@cheapaccounting]

turnover including vat £32833 FRS at 4.5% = £1477.

All sounds right to me.

I assume the 4.5% means a 5.5% with a first year discount as there is not a 4.5% rate!

Box 6 shows the vat inclusive amount if on FRS

 

[nickjonesuk]

elainec100,

I came to 4.5% from http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm#5

Retailing that is not listed elsewhere 5.5%

Minus first year discount - sorry I forgot to mention that, this is our first vat return.

Do you think Box 6 is correct?..EDIT: Sorry just read the end of your message thanks.

Thanks

 

[Jaydee]

this is our first vat return.

So for box 4 to be NONE, did you not have any pre-registration input VAT to recover?

 

[nickjonesuk]

Jaydee:

The company was sole trader until 04/05/09, and the proprietor and I started a limited company on 05/05/09 as 50% shareholders, the business was essentially sold to the new company - we we're advised by our accountant.

We registered for VAT effective from the day we started the limited company on 05/05/09. Therefore we shouldn't be allowed to claim back pre registration VAT am I correct?

 

[Jaydee]

Therefore we shouldn't be allowed to claim back pre registration VAT am I correct?

Correct - assuming that you never incurred any.

Perhaps some tiny stuff though - such as formation agent's fee.

Perhaps the accountant's fee for advising on the restructure, unless they invoiced the sole trader.