UK Flat rate VAT scheme

Tom tom at limepepper.co.uk
Thu Jan 27 07:47:11 EST 2011


Hi all,

Originally when I was VAT registered I was using the UK VAT accounts, 
and this worked that I could easily calculate my quarterly VAT payments 
from the totals for the relevant VAT accounts.

However now I am using the flat rate scheme, the totals no longer 
reflect the amount of VAT payable to HMRC (the figures represent the 
input and output VAT rates collected and charged and no-where to 
calculate the amount that needs to be paid)

Is anyone using gnucash with the flat rate scheme and can suggest how I 
should approach this?

My thinking at the moment is there needs to be some way to calculate the 
proportion of the parent VAT account total that needs to be paid as the 
flat rate contribution, and the rest needs to be transferred into the 
bank account that the invoices were paid into

Cheers,
Tom





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