UK Flat rate VAT and Self Assesment

[woody1983uk]

Hi,

I am a self employed courier driver and my first self assessment since going self employed is due. I am using a company for the self assessment but I’m hoping to get an idea of what to expect in terms of rebates, taxes due etc. I’m only the Flat Rate VAT scheme so I have been receiving 20% vat, which has all been held by the accounting company....am I right in thinking I will likely receive a rebate of the difference between the amount received and the amount due? As it was a part year I haven’t earned enough to be charged tax. I have incurred costs for fuel though....will I also get a rebate on that VAT or will that be covered by the flat rate scheme? I have listed some figures below for the tax year:

Net amount: 10229
Vat received: 3168
Vat held: 2737
Fuel costs: 2200 approx
Fuel reimbursement: 1338 (included in above net figure)

Thanks in advance!

 

[Werner Reisacher]

The best way for you to understand the fundamental concept of the VAT law in the UK and the various opportunities it offers to small business self-employed "owner/operators" like you, is to read the information you will find on the following URL's:



https://drivingforprofit.co.uk/value-added-tax-vat/



https://www.gov.uk/vat-flat-rate-scheme/how-much-you-pay

 

[woody1983uk]

That’s great, thanks. It looks like I will be due some sort of rebate from the FRS then for this year, which is nice!
Would I also get rebate for fuel? Or would that be covered within the FRS?