UK Query on Revenue figure when using Flat rate VAT

Joined
May 30, 2023
Messages
3
Reaction score
0
Country
United Kingdom
My understanding is the Revenue figure excludes VAT. I am on the VAT Flat Rate Scheme paying 10%.

So I invoice a customer showing a cost of £100 net plus 20% VAT giving a total cost to the customer of £120. Under the Flat Rate Scheme my VAT liability Is 10% of the £120 = £12.

So is my Revenue figure the £100 or £108 (£120 - £12 Flat Rate VAT)?

Many thanks.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,775
Messages
27,839
Members
21,813
Latest member
CharlesAboke

Latest Threads

Top