UK Flat rate VAT scheme

[Maf. King]

On Thursday 27 January 2011 12:47:11 Tom wrote:
> 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

Hi Tom,

I've heard of the flat rate scheme, but don't know any of the details - how 
does HMRC decide what you are supposed to pay?

I tend to find that making GC record what actually happens is often best....

Maf.