UK Flat Rate VAT

[Henry Law]

On 03/06/16 14:33, Stuart Walsh wrote:
> or 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)

It works perfectly; I did it for some years.  The method is pretty much 
as you say.  A picture is worth a hundred words, so have a look at 
http://www.lawshouse.org/misc/FlatRate.png which is an entry from 
"Accounts Receivable", showing which bits are posted where; see if it 
answers your questions.  If not, post back here.

-- 

Henry Law            Manchester, England