bank interest received flat rate VAT

oldladyoldlady New MemberPosts: 10Registered
Has anyone been asked to account for VAT on bank interest for flat rate?


  • PoodlePoodle Experienced Mentor Posts: 711Registered

    If you mean interest received from HMR&C on VAT monies owed to a business then this falls out of the scope for VAT.

  • Peter WPeter W Settling In Nicely Posts: 22Registered
    I know some people argue that it should be included in taxable turnover, but I asked a visiting VAT inspector and he said that it could be excluded.
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