Flat rate scheme
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Hi all,
Do you know how to work out the VAT amount on (flat rate 12% of 29800), by using Excel formula?
Many Thanks
Do you know how to work out the VAT amount on (flat rate 12% of 29800), by using Excel formula?
Many Thanks
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Comments
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Re:Flat rate scheme
Forgive me if ive totally misinterpreted your question, as im not familiar with the scheme, but if you want to calculate 12% of something its just:
=A1*0.12
or if youre adding the VAT on its:
=A1+(A1*0.12)
where A1 has the vat excluded figure.
oh and if you want to know what the VAT is in 29800 its:
=A1*0.880 -
Re:Flat rate scheme
The flat rat scheme demands that you apply the appropriate flat rat percentage to tax inclusive sales. You do not carry out the grossing up procedure demanded by the use of the VAT fraction 7/47). In Excel =(cell with gross sales)*(cell with flat rate percentage)0 -
Re:Flat rate scheme
Hi
If youre making sales under the flat rate scheme, you actually charge your customers 17.5% as per usual, but are only liable to pay VAT on out puts at the reduced rate for your industry sector and are unable to reclaim input VAT.
Neil0 -
Re:Flat rate scheme
The last two posters are dead right in their answers. For example:
Paul is using the flat rate scheme for VAT with a 12% rate. During the quarter ended 31 March 2005 the following arose:
Standard rated supplies - £10,000 (exclusive of VAT)
Exempt supplies - £1,000
Standard rated inputs - £5,000 (exclusive of VAT)
You are required to calculate the VAT payable for the quarter ended 31 March 2005.
SOLUTION:
Notice that I have not claimed any input VAT on £5,000. Also, you have to account VAT on exempt supplies as well.
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