UK Flat Rate VAT

[Stuart Walsh]

Hi,

I see from the archives that this question has been asked a couple of
times, but not recently and not with a response that really answers
the question.

The question being: Is GNU Cash capable of supporting the UK Flat Rate
VAT scheme, and if so, how does one go about it?

The basics of the scheme are that you include a VAT rate of 20% on
your invoices but only pay your flat rate percentage on the invoice
amount (including VAT) to HMRC.

For example, an invoice for a sale of £1000 would generate the following:

Sale: £1000
VAT: £200
Amount due to HMRC: £162 (13.5% of £1200)
Profit from using the flat rate scheme: £38 (£200 - £162)

Ideally this would result in the following being posted:

D: Accounts receivable - 1200
C: Sales - 1000
C: VAT - 162
C: Other Income - £38

Is this even remotely possible using GNU cash?

I've had a go at trying to set it up, but I can't seem to find a way
to be able to automatically be able to post to an account based on the
total of an invoice (including tax).

Any help would be appreciated.

Thanks,

Stuart