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Post Info TOPIC: FRS and VT


Guru

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FRS and VT


Hi all

Just taken on new client and they are on the VAT FRS, I usually use VT+ to do the bookkeeping and submit the MTD returns, however I can not seem to find how to adopt the FRS on VT, does anyone else use VT for FRS? If so am i just being blind and cannot see the option.

Any help appreciated as always

Cheers



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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Hi Doug

You can't do FRS on VT unfortunately. However, they suggest the following work roundhttps://www.vtsoftware.co.uk/transplushelp/flat_rate_scheme.html



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Senior Member

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Artois wrote:

Hi all

Just taken on new client and they are on the VAT FRS, I usually use VT+ to do the bookkeeping and submit the MTD returns, however I can not seem to find how to adopt the FRS on VT, does anyone else use VT for FRS? If so am i just being blind and cannot see the option.

Any help appreciated as always

Cheers


Hi Doug

I record the gross sales each week/month and then do a journal for the vat at end of quarter. The return is submitted direct from VT+ and I've not had any problems



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Guru

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Hi John

Thanks for the information, read through it but seems a long way around doing what I need so decided to carry on with VT and just journal in the adjustment at the end of the quarter, and then I read Janet's reply, thanks Janet, who seems to do the same.

Many thanks to both for your help, but it does seem strange that VT have not allowed for FRS as yet

Cheers



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Veteran Member

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Date:

'a journal'

Does that meet the rules for MTD?

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Guru

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Date:

Maat wrote:

'a journal'

Does that meet the rules for MTD?


Hi Maat, thanks for the reply

I am not entirely sure to be honest, but would there be any difference between a journal entry and a manual bookkeeping entry into VT?

It seems that no matter what you do with MTD there has to be the human element involved in inputting the data



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Veteran Member

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I only raised it to ensure you had considered it. Of course FRS allows for certain tweaks not allowable on other schemes.



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