UK Flat rate VAT scheme
tom at limepepper.co.uk
Thu Jan 27 09:13:35 EST 2011
On 27/01/2011 13:00, Maf. King wrote:
> 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....
I think it is determined by the business trade sector, here is a list of
So the existing UK Vat accounts can be used to record the Input and
Output VAT amounts as normal, but somehow I need to "reconcile" the
collected/charged VAT with the money in my Current Account (and I need
to zero the VAT accounts at each VAT quarter)
So I need to run a job to calculate the right payment and make transfers
to "VAT paid" and also returns the excess to the Current account... any
ideas how to proceed with that?
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