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  • FIRST POST
    • robert32
    • By robert32 5th Dec 17, 7:47 PM
    • 56Posts
    • 1Thanks
    robert32
    Flat rate tax
    • #1
    • 5th Dec 17, 7:47 PM
    Flat rate tax 5th Dec 17 at 7:47 PM
    Hi,


    I'm making my first VAT return since registering as a limited company (of which I'm sole employee and Director).


    I registered for the flat rate scheme. I have two queries:


    1. Can I claim VAT back on expenses occurred (e.g. travel, accommodation, subsistence, etc.). The website guidance states this will usually be nill if on the flat-rate scheme.
    2. Elsewhere on the return I am asked for: "Total value of purchases and all other inputs excluding any VAT". Does this mean I have to declare all my expenses for the period - even though I can't claim any VAT back on them?




    I don't really want to spend an entire evening going through three months of hotel, travel and subsistence receipts to declare my expenses... when I can't claim anything back!


    Any help would be appreciated!






    Thanks,


    Rob.
Page 1
    • unforeseen
    • By unforeseen 5th Dec 17, 8:16 PM
    • 2,005 Posts
    • 2,531 Thanks
    unforeseen
    • #2
    • 5th Dec 17, 8:16 PM
    • #2
    • 5th Dec 17, 8:16 PM
    Have you looked at the simple explanation at https://www.gov.uk/vat-flat-rate-scheme/how-much-you-pay ? The whole idea of flat rate is that you do not have to go through each item. It is based on your turnover.

    Also have you considered whether you fall into the limited cost business bracket.
    • robert32
    • By robert32 6th Dec 17, 9:45 AM
    • 56 Posts
    • 1 Thanks
    robert32
    • #3
    • 6th Dec 17, 9:45 AM
    • #3
    • 6th Dec 17, 9:45 AM
    That doesn't answer my question. I asked about what I have to declare in terms of purchases.
    • googler
    • By googler 6th Dec 17, 10:07 AM
    • 14,473 Posts
    • 9,348 Thanks
    googler
    • #4
    • 6th Dec 17, 10:07 AM
    • #4
    • 6th Dec 17, 10:07 AM
    I don't really want to spend an entire evening going through three months of hotel, travel and subsistence receipts to declare my expenses...
    Originally posted by robert32
    It's tempting to suggest that you should perhaps have been doing this as you accumulated them, or should have some form of daily accounting system for your limited company ...

    I've known similar folks to you in the past who took 2 mins out of each day to input the day's work into Sage or similar, and at the end of the month or VAT period, pressed one button to generate a statement or return.
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