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Post Info TOPIC: VAT flat rate scheme accounts
rachel_mclean


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VAT flat rate scheme accounts
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Hi please could somebody confirm that I have this right. I'm always confused with accounts when the business is vat registered on the flat rate scheme.

So sales are charged plus 20%, flat rate scheme used for VAT at 12%.

In the accounts I will have the net figure of the sales as the turnover (gross less 20% not the FRS amount) and the purchases are entered in at the gross amount.

Somehow even though I'm pretty sure this right it doesn't compute in my head. 

 

Thanks in advance for any help on this

 

Rachel

 

 

 



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Rachel
Riel


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sorry posted answer to question not asked. :)



-- Edited by Riel on Monday 2nd of October 2017 01:55:45 PM

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Riel
Leger


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Is the business a sole trader or Ltd?

Under the new FRS it all has to be accounted for as nett

For a sole trader it should be fine doing the payments gross.  



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