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bank interest received flat rate VAT

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

Comments

  • PoodlePoodle Experienced Mentor Registered Posts: 711
    Hi

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

    Poodle
  • Peter WPeter W Settling In Nicely Registered Posts: 22
    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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