UK Flat rate VAT scheme

Tom tom at
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 
the rates;

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?


> Maf.

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