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Calculation of VAT return

B

bart1999

New Member
Hi

I'm thinking about starting a new business and need some clarification regarding vat returns

As a solo trader who would be VAT registered can someone clarify if my calculations are correct:

Costs (£9 inc. £1.80 VAT)
- Product £5 (£1 VAT)
- Package £1 (0.20p VAT)
- Deliver £3 (0.6p VAT)

Selling Price
- £14 (£2.80 VAT)

Profit
£14 - £9 = £5 + (£2.80 - £1.80 VAT) = £6

Thank you in advance
 
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