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Post Info TOPIC: Flat Rate VAT
kjmcculloch83


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Flat Rate VAT
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Hi Guys,

I hope someone can help me here.  I've had a look at the VAT flat rates: http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm#5

I have a client who runs a pet shop, I am reading it as 'Retail that is not listed elsewhere' and as such would be 7.5%.  I'm just looking for someone to tell me I'm right before I speak to the client.  If I am there are potential savings for this client of over £7k a year.

Kris



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ClawzCTR


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Looks the same to me! Double check by ringing HMRC but they may just tell you what you already know. :D


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Gary

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kjmcculloch83


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Or give me three different answers? I really try not to call them if I can at all help it.

Cheers

Kris

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ClawzCTR


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Good point! lol

Well you can only go on the information presented to you and that is a flat rate figure of 7.5%. I'd run with it.


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Gary

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Lady of Ledger


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Hi Kris

I would certainly have come to the same conclusion - that your client would come into the 'Retail that is not listed elsewhere' and therefore at 7.5% - I'm sure somebody such as yourself will already be aware, but for the benefit of any students reading this, don't forget that this percentage is calculated on the 'gross' turnover - not VAT exclusive turnover. A common mistake made by many looking at the flat rate scheme!

Carol



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Carol Saunders
Lady of Ledger Book Keeping
Telford, Shropshire
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