I am confused about the contradicting information. Exclude them from your flat rate turnover but record them in boxes 1 and 4 of your VAT Return, as you would under normal accounting." "If your business purchases services from outside the UK to which the reverse charge applies, then these supplies should be dealt with outside of the Flat Rate Scheme. However, I also found the following information from notice 733 section 66.4 Special circumstances, as below: “Under the reverse charge procedure, the buyer of the goods or services, rather than the seller, is liable to account for the VAT on the sale. You should also include the value, excluding VAT, of any supplies accounted for outside the Flat Rate Scheme, such as the sale of any capital goods that you’ve reclaimed input VAT on, and reverse charge transactions.” it statedĮnter the turnover that you applied your flat rate percentage to, including VAT. In the VAT Notice 700/12, section 4.1 and 4.6. full value of the supply in box 7 (total value of purchases)”ĭoes it mean that the reverse charge has to be included in the FRS taxable turnovers threshold?Ġ2.full value of the supply in box 6 (total value of sales).amount of input tax in box 4 (VAT reclaimed on purchases).amount of output tax in box 1 (VAT due on sales).
“You then include in the relevant boxes of your VAT Return the:
I found that Notice 741a Section 5 stated that: May I know whether the £230,000 (including VAT) including any value of reverse charge?Ġ1. We understand that business must leave FRS once the £230,000 (including VAT) taxable turnovers has been reached within any 12- month period (rolling basis) or 30 days (rolling basis).
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