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Post Info TOPIC: Sage and Flat Rate Scheme
FoxAccountancyServices


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Sage and Flat Rate Scheme
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Can Sage cope with FRS?  Is anyone using it that way?  

I have change the company preferences to show "Flat Rate - cash based" but cant see a code, in configuration, to enter the rate?  I only see the "flat rate capital asset".



-- Edited by FoxAccountancyServices on Wednesday 21st of May 2014 07:52:36 PM

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Unwize Owl


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Yes it can and yes I use it for a client on FRS.

Your set up sounds right, did you fill the box below the VAT scheme choice with the flat rate needed?

Since all outgoing invoices must be at standard rate and there is no need to specifically allow for VAT on purchases I don't know what other rate you need to change.



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FoxAccountancyServices


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Ohhhhh... missed that! Thanks! I was looking in configuration/tax codes.. didn't spot the option in company preferences! It makes sense now!!

So, I just use T1 for the invoice, but the return will calculate the flat rate?

I will take a back up before posting my first sales invoice, just to be sure! LOL

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Unwize Owl


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Yep, you got it!

Don't forget if this is a first registration for VAT there may be an additional 1% discount on the VAT rate.

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FoxAccountancyServices


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Hiya! Yes I have put in the lower rate.. the real trick is remembering to increase it! :))

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