UK Flat Rate VAT

[Stuart Walsh]

On 3 June 2016 at 16:43, Henry Law <news at lawshouse.org> wrote:
> 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.
>

Thanks for this.  This answers the 'is it possible?' question quite
elegantly, but not quite the how.  Are you entering all of those split
parts manually or is there a way to automate it?  And are you still
able to put the customer-charged VAT (the 20%) portion on the actual
invoice?

If you could walk me through a quick example of how you enter and then
mark as paid a sample invoice, that would be most helpful.

Thanks,

Stuart