VAT enquiry


I wrote an email to my accountant yesterday for an explanation of a VAT issue that I had.

She sent me a really helpful response.

As below.

Sorry Mark I’m missing something. Column 1 fully taxable gives taxable (for income tax) of the net amounts of VAT and then you remit the net VAT to HMRC. Column 2 is under flat rate scheme where VAT to be remitted is the 8.5% of the sales amount (£85) but for income tax you are taxed on the net plus 9% VT but get a deduction for the VAT inclusive cost.

Yes?

Errr, no, not really.

2 thoughts on “VAT enquiry

Come on folks. Don't just sit there gawping. Say something. Get involved.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s