UK Flat rate VAT scheme
maf at chilwell.net
Thu Jan 27 08:00:56 EST 2011
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
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....
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