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Post Info TOPIC: VAT Flat Rate Scheme


Master Book-keeper

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VAT Flat Rate Scheme
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I already know the answer to this but would someone humour me please by confirming it.

Sales £10k  Flat Rate percentage 9%   VAT due £1080



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John 

 

 

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Guru

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Hi John

I have a flate rate vat client and this gets me every time...... It's 9% of £10,000 so £900 .

Georgie

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Senior Member

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Is £10K your gross or net sales figure?

Your VAT figure should be 9% of your gross sales figure.



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Liz Needham FFA FIAB FFTA

Needham Accountancy Ltd



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£10k * 1.2 * 0.09

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Master Book-keeper

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Mad Liz wrote:

Is £10K your gross or net sales figure?

Your VAT figure should be 9% of your gross sales figure.


Thanks Liz, 10k nett 12k gross.  It's ok, panic over, I was looking at the previous VAT returns for a new client and I thought the flat rate VAT due had been calculated on the nett instead of the gross.

 

Shaun, where have those boyish looks gone? I thought you and Jo were setting a new trend there as to how young an accountant or bookkeeper could be biggrin                Saves me searching for that pic of when I was 5 though.                                                 



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John 

 

 

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Master Book-keeper

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I reckon it was more the dodgy hair brigade in those other photos John. Thought the cakes looked better.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Master Book-keeper

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Funnily enough, seeing that photo very much reminded me of my two sisters (48 & 50) who both sported similar looking "dodgy" hairstyles.  Perhaps that was the rage back then.  Mum:  pass me the scissors love.  Child:  No mum, just no!!

 

 



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John 

 

 

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Master Book-keeper

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OMG you have that sooooo right. Mum and scissors dont go together. I cant recall doing that to my own son, but he will probably say that I did and ruined his whole life in the process! lol. Mind you I do occasionally cut by own fringe, which usually then results in a swift slap from my hairdresser.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Master Book-keeper

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You've just reminded me of what I did to my own son when he was about 2.  He had lovely blonde hair that my wife had allowed to grow quite long and eventually curls became ringlets.   He was starting to look like a girl so one day I got a pair of scissors, only intending to snip it back a bit.  Well I made a right pigs ear of it and my wife came home, took one look and burst into tears. She then carted him off to the barbers, got him a short back and sides and never let his hair grow long again.



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John 

 

 

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Expert

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My mum bought one of those 'Ronco' (was that what they were called) devices they would advertise on telly with the 'No need to go to expensive hairdressers with the new Ronco deluxe, just style from home'. Me and my two brothers sported trendy 'Page boy' hair for many a year. Apparently the other kids who laughed and pointed were just jealous!

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Rob
www.accounts-solutions.com


Expert

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May have been K-Tel...for those of you of a certain age, a little wander down memory lane:

www.youtube.com/watch



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Rob
www.accounts-solutions.com


Master Book-keeper

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Wasnt that just called a bowl to most people??!! Actually Im surprised my Dad didnt buy the K-Tel as he was well into buying the latest handy gadgets in those days.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position

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