Anonymous
Anonymous asked in Business & FinanceTaxesUnited Kingdom · 1 decade ago

I am doing a Vat return,Should i be putting in None in box 7 if i am doing the new 8.5% thing?

Update:

I know when i converted to this method i had help and im sure thats what they told me. but since then i have forgot and been putting the amount in there

2 Answers

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    I assume by the new thing, you mean the flat rate scheme.

    No entry is required in Box 7, since the flat rate scheme makes allowances for your input tax. (There are exceptions for some capital goods. See the HMRC site.)

    Source(s): Accountant 40 years.
  • !
    Lv 7
    1 decade ago

    Have a look at HMRC's website - it really is quite helpful:

    http://customs.hmrc.gov.uk/channelsPortalWebApp/ch...

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