Flat Rate VAT and Purchases

Accounting
1

Morning

If you are on flat rate VAT, should there be any figure on your VAT return for total value of purchases excluding VAT?

Regards

2

Our Flat Rate VAT guide can be found here, it covers most of the key subjects related to FRV. There is a section on Reclaiming Capital Assets.

In most cases you wouldn’t be claiming back any VAT paid on purchases when on the FRV scheme. So you wouldn’t expect to see a figure in box 7.