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The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Flat rate VAT tax code in sage
Post Info TOPIC: Flat rate VAT tax code in sage
xiaoheidan


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Flat rate VAT tax code in sage
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hello,

i am trying to search the answer on line but not lucky. Guese I am too short of account knowledge. Could somesone can kindly help me?

My question is: what tax code should I use when I pay flat rate VAT and record the differents?

i use sage record service income "Customers /inv" and did "bank/customer -pay full" when I received the payment.

I did these: pay tax

Dr 2202 VAT Liability (T3)(flat rate)

Cr 1200 Bank (T9)

record the different

Dr 2200 sales Tax (T1)

Cr 2202 VAT Liability (T3)

Cr 4003 Sales extra (T9)

 

What tax code I used are right?

 

Many thanks!

Nancy



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xiaoheidan


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Another question : And I use T9 when I buy office stuff since I am in flat rate VAT, can't submit purchase VAT. Am I right?

Thank you!

Nancy


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Cheshire


Master Book-keeper

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Hi Nancy
Yes to T9 for the office stationery. Care though for other items eg capex - see the link
webarchive.nationalarchives.gov.uk/+/http://www.hmrc.gov.uk/VAT/managing/returns-accounts/fat-rate-returns.htm

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
xiaoheidan


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Posts: 36
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Thank you Joanne!
Read through the link which you gave me. My situation very simple. None of extra VAT I need claim. Only every month service income VAT need to pay. Maybe in the future I will buy a good computer and use the T1 :)

Nancy

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