bank interest received flat rate VAT

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oldlady
oldlady Registered Posts: 10 New contributor 🐸
in Community connect hub
Has anyone been asked to account for VAT on bank interest for flat rate?

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  • Poodle
    Poodle Registered Posts: 695 Epic contributor 🐘
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    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 W
    Peter W Registered Posts: 22 New contributor 🐸
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    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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