UK Flat Rate VAT

[Wm]

On Fri, 3 Jun 2016 14:33:16 +0100, in gmane.comp.gnome.apps.gnucash.user,
Stuart Walsh <stu at ipng.org.uk> wrote:

> 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,

yes, they're just D and C as you say below.
no, not specifically, gnc doesn't know about anything, really

> and if so, how does one go about it?

HenryL has shown it can be done, but he was generating inv's ex gnc and I
was presuming you were after the fun bit

> 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?

Yup.  I haven't tried this specific UK weirdness using the business bits of
gnc yet but if you ask I'll have a go.  I think it'll work fine as a tax
and I'm sure the accounting side will be clean.

> 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.

What exactly?

I happen do be doing some UK CIS work which may join in with what you are
trying to do.

-- 
Wm