If you are registered with the Government's Flat Rate VAT Scheme, you'll find that though they make it very easy to calculate how much VAT you owe (a percentage of your gross turnover), actually filling in your VAT return is a pain.
You have to calculate an "imaginary purchase amount", which is how much you would have had to have spent on VAT-able purchases to be able to reclaim an equivalent amount of VAT to reduce your VAT bill to the figure you worked out in the first place (phew!)
So what they give with one hand they take away with another.
However, I have made a spreadsheet to make the process simple. I hope you "find it useful".
Flat Rate VAT Calculator.xls
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thanks. I'm doing my first flat rate return and this is very useful. thanks for sharing!
ReplyDeleteConfused as to this "imaginary purchase amount". What is this for?
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThis is completely redundant as HMRC have given new advice on how to fill the form in for Flat Rate:
ReplyDeletehttp://www.hmrc.gov.uk/vat/managing/returns-accounts/fat-rate-returns.htm#4
very interesting information. keep sharing information
ReplyDeleteuse vat calculator online
How to calculate VAT
What is VAT
very interesting information. keep sharing information
ReplyDeleteuse vat calculator online
How to calculate VAT
What is VAT