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The Book-keepers Forum -> VAT, Payroll & Tax -> VAT Flat Rate Scheme - tips please!
Post Info TOPIC: VAT Flat Rate Scheme - tips please!
Trojan1970


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Date:
VAT Flat Rate Scheme - tips please!
 

Hi There - one of my clients has registered for VAT and opted to use the Flat Rate Scheme, which I have no experience of (I don't advise her, she has someone else for that).   I'm using Sage Instant Accounts and need to know how to set up the flat rate scheme but have posted in the Software section about that. 

I've had a quick read up on the HMRC website about Flat Rate, and wondered if anyone on here could give me any tips / pitfalls of how it works in the 'real' world?

Many thanks.

 

 



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Amanda


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Depending what Sage package you have it may not like the Flat Rate scheme?

I know on QB its the usual 2, either cash accounting or Standard, so you would then have to do a jornal to change the amounts.

It depends on what you client does if it will work ok for them or not. I have one on it and it works fine for them and they were recommended to go on it by the accountant.

HTH

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Amanda

Trojan1970


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Date:
 

Hi Amanda, thanks for he reply.

My version of sage doesn't fave the facility fo Flat Rate, so I'm having to wing it!

I posted a similar question in the Software thread and I've had a couple of replies through there which have been helpful.

In a nutshell, I plan to post all Sales Inv as T1, post all Purch Inv and Bank Payments as T9, use sage to work out the VAT due at 20% then manually work out how much is really due. I'll let the accountant post a journal to clear the balance off the VAT Liability at the end of the year.

The accountant has just emailed me so I'll read that now and see what he says

Thanks again

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Trojan1970


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Date:
 

Amanda, I've had an interesting chat with the Accountant. I'm going to post it on the 'Software' thread so I don't keep doubling up

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