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Post Info TOPIC: Flat Rate Vat
Sharon Eyre


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Flat Rate Vat
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When processing expenses on flat rate Vat scheme do you show the Vat on the accounts? I know it doesn't appear on the return but unsure whether to show it on the expenses side as it will impact the overall profit & loss



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Sharon
ClareB4


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Which software are you using Sharon?

I think I recall you saying you're a Sage user and if that is the case then you show the VAT on the expenses side exactly as you would for a client on any other VAT scheme. Sage will calculate the benefit or cost of being on the scheme and will transfer it to the appropriate nominal code when you have submitted the return and run the VAT transfer journal.



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Sharon Eyre


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Yes I use sage -I was just unsure on the expense side -thanks for the info

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Sharon
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