Since 1st June they have been on a flat rate scheme (invoice based) at 11.5%.
My query is how do I enter the takings using sage?
1. Put in the takings as a net figure with the tax code as T0 2. Put in the takings as a net figure with the tax code as T1 cal net (20%) 3. None of these methods
I use Sage 50 2011 which lets you specify Flat rate Scheme and gives you a handy benefit / cost calculation when you run your return each quarter. Easy as drinking Tea.
If the version you are using does not allow this then you need to take a look at Sage Support 11741 article.
If it was me I would either upgrade to 2011 (or 2012) or use a simpler program such as VTT+ (though that doesn't support flat rate scheme). 2011 price is worth it for that alone for me with a flat rate client.
Remember the flat rate is charged on the GROSS figure of sales including items that you would normally exclude / exempt or be zero rated e.g. stamps or if selling to EU. And you don't claim any purchase vat back unless it is for a capital sum over £2000. I'm sure you could set your system up to follow these rules, but it ain't straightforward.......
Type Flat rate Scheme Sage into Google and you will get about a hundred (well at least 4 ) different ways of doing it.
