Re: VAT bookkeeping

Alec Ross <alec@xxxxxxxxxxxxxxxxxxx> wrote:
> >
> >
> >> Besides I thought that for small businesses, preparing accounts can be
> >> completely trivial, for less than a quite large amount of turnover you
> >> can even supply a simple summary, try getting a book on running a
> >> small company and having a look at the accounts section.
> >>
> >The accounts you have to submit to Companies House are trivial, yes.
> >However if you're VAT registered you need to keep much more detailed
> >records for which some sort of proper book-keeping is needed.
> >
>
> There is now an opt-in flat-rate VAT scheme that applies - IIRC - to
> companies with a turnover of less than 150K GBP/A. With this - again,
> IIRC - the VAT is calculated on a percentage of t/o. The recording and
> aggregation of individual VAT costs are not required. (Once again,
> IIRC, there are exceptions, notably for individual items > 2K GBP.)
>
I looked at that and I would have paid *significantly* more to the VAT
man than I do by working it out exactly.

--
Chris Green

.

Relevant Pages

  • Re: VAT bookkeeping
    ... business I don't know how good it is for that particular task. ... completely trivial, for less than a quite large amount of turnover you can even supply a simple summary, try getting a book on running a small company and having a look at the accounts section. ... IIRC - the VAT is calculated on a percentage of t/o. ...
    (uk.comp.os.linux)
  • Re: Creditors - Final Accounts
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    (uk.legal)
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