Maths question

[Pastis]

So, on all your invoices where you've applied 15% do another "quick" calculation applying 6.5% and there's your figure 

[GROWLER]

http://www.accountingissue.info/vat-calculate-percentage-fraction.html

Scroll down to the tables 

Oh dear. I know you mean well Pasties, and for that I thank you, but I'm struggling to get ny head around that lot.
I'll keep reading it and it might suddenly click.

Quite simply, on this scheme, if I collect 100 pounds VAT, I only pay the VAT man 65 pounds fifty pence of it, and the remainder of it (34.50 ) is set against what I haven't claimed for in VATable purchases in connection with my business.

Lets just clarify one thing!

If you sell ?100 worth of stuff, you still charge the customers ?115 right?

Yes.

brilliant!

We are making progress like... 

So, instead of giving the VAT man the ?15, you give him only ?6.50  

Only thing is, THAT is less than half of the total, whereas my new found calculation would have ne paying MORE than half.

[Nick]

This thread will be talked about for years to come 

[GROWLER]

I'm just nipping out to kill meself.

[GROWLER]

This thread will be talked about for years to come 

At this rate, this thread will still be being written in in years to come.

Serously, I'm going out. Me 'ed is absolutely fudged now.
No wonder I hated maths so much at scoooell. Those mind blowingingly dreadful  lessons are all flooding back now.

[Pastis]

What's this "new found calculation"? The VAT fraction 13/213 ?  That's for calculating what to claim back not for what you're applying.

[Nick]

I have utterly lost the plot here 

[Pastis]

Where's Uncle Mort when you need him?

[Pastis]

Only thing is, THAT is less than half of the total, whereas my new found calculation would have ne paying MORE than half.

Less than half is right. 6.5 is less than half of 15; 43.3% in fact.

[Nick]

 

[Uncle Mort]

I'm back! - been in a meeting.

Growler:

I assume you keep a separate VAT account in your books for the VAT on sales. Being on flat-rate you don't need to keep one for VAT on purchases although I would just to keep an eye on things.

What I would do is each month (or quarterly depending on when you do the returns) calculate 43.33% of the total of that account and send it to HMRC. The balance is yours.

[Barman]

This thread will be talked about for years to come 

On topic after five pages tho... 

[Pastis]

I'm back! - been in a meeting.

Growler:

I assume you keep a separate VAT account in your books for the VAT on sales. Being on flat-rate you don't need to keep one for VAT on purchases although I would just to keep an eye on things.

What I would do is each month (or quarterly depending on when you do the returns) calculate 43.33% of the total of that account and send it to HMRC. The balance is yours.

 

[Nick]

Does this mean that this is finally over? I am a nervous wreck, like

[Pastis]

Oh, I don't think so. Should be a few more pages worth in it. After all, Growler might be reluctant to abandon his new found calculation, like