View Full Version : Treatment of profit on flat rate VAT scheme

16th April 2004, 18:20
Should I treat the profit on this all as additional turnover or should I record all expenses inclusive of VAT in the accounts and the difference between VAT on invoices and the flat rate amount is only treated as a turnover adjustment.

Essentially I am asking if the VAT element of the expenses incurred should get lost within the turnover adjustment for the flat rate scheme profit