VAT Flat Rate?

[aj1977]

My current accountant has gone into retirement and me currently hunting for new one.

Meanwhile I have received my VAT certificate(applied through my old accountant).The certificate says that it is issued on 27-july-2007 and returns to be made in respect of period ending 31st august 2007 and three monthly thereafter.

What does it mean? shud my first vat return be made before 31-aug-2007? ...surely i have just 3 weeks to get my act together in VAT?? .

Now that I have received my certificate does it mean that i can now bill clients for vat at 17.5%? In the VAT application I had requested for Flat rate scheme.There is no mention of it anywhere in the certificate i received.Does it imply FRS or I need to expect something more from VAT office?

Please go easy on me as am currently without an accountant who could answer the above questions

[thunderlizard]

If the period ends on 31 aug, you don't have to complete your return before that date because it won't have ended yet. I think you get a month to submit it, so you'll need to send it by the end of September.

[maverick]

As TL says the return will have to be completed by 30th September. The payment to the VAT man can be made several days later if done electronically. All detailed on the back of the VAT return they will have sent you.

For FRS I expect you will receive a letter stating they have accepted you onto the scheme and from when you can aplpy the flat rate to your returns.

Now you have a VAT number you need to put this on the on the future invoices you raise. You also need to invoice any previous clients you invoiced to get the VAT element owing so you can pay the 'man'.

[Bluebird]

If you are FRS the VAT return is quite easy.


You need 2 figures

1. The total amount of all invoices for the period including the VAT you've charged.

2. the above figure x your FRS %

[sathyaram_s]

if you have not received FRS confirmation, you cannot apply flat rate for your returns.

if you receive the approval for FRS at a later date, and an earlier date is mentioned, you can make adjustments during the next return.

[aj1977]

if you have not received FRS confirmation, you cannot apply flat rate for your returns.

if you receive the approval for FRS at a later date, and an earlier date is mentioned, you can make adjustments during the next return.

Cheers Guys..Very helpful indeed

[Darren@UptonAccountants]

Frs

The FRS application process is quite quick....certainly quicker than registration!

You can even email it to them so it goes directly to the appropriate team!

[RightLaugh]

just phone NW or SJD and appoint them as your accountants. Both of them are highly recommended so don't waste any time searching.
no need to panic you've got loads of time.