Yes, That is correct. But remember you do still save on VAT as you don't pay the full 20%.
Verner -----Original Message----- From: Eric B Sent: 14/07/2012 12:07 To: LEEDSLIST Subject: [LU] NON LU: flat VAT scheme calculation Hi guys, My accountant is telling me I have to pay VAT on the following, in the following example bill = 100 vat charged = 20% vat to pay = 14% (bill + VAT), ie, (14% of 120)= 16,8 Whilst I thought it was: (VAT billed.) = (14% of 100) = 14 So in fact I am paying VAT on VAT. What gives? I am not suprised if she is right of course.. Eric _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email leedslist-unsubscr...@gn.apc.org PETE CASS (1962 - 2011) Rest In Peace Mate _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email leedslist-unsubscr...@gn.apc.org PETE CASS (1962 - 2011) Rest In Peace Mate
