VAT Flat rate scheme

[skyhuck]

i take its 9% for us tree folk ,but do you only charge @ 9% & then only pay the vat man 9%

 

No, you charge 17.5% and pay 9.5% of all turnover, but you cannot claim back vat on fuel or any other running cost, except capital purchases over £2k.

[Johny Walker]

No, you charge 17.5% and pay 9.5% of all turnover, but you cannot claim back vat on fuel or any other running cost, except capital purchases over £2k.

 

right got yu

[Quickthorn]

Is it not the other way round???

 

On the FR scheme you pay a % of turnover, even income where no vat was charged.

 

Where as with standard vat, you only pay vat collected, less vat claimed back.

 

You're right, it is the other way around !

[r2d2]

i take its 9% for us tree folk ,but do you only charge @ 9% & then only pay the vat man 9%

 

Im sure its 8% isnt it? thats what im on under forestry

[nailer]

Im sure its 8% isnt it? thats what im on under forestry

 

It was 9% when vat was at 17.5%. Then when vat dropped to 15%, the Flat Rate dropped to 8%. Now vat has returned to 17.5% the F.R. has changed to 9.5%, apparantly. Bit crafty / clever - depending on your point of view.

[r2d2]

Ahhhrrr gottcha. defo not clever IMO!!