[Bulk] Re: UK Flat Rate VAT

[Katie Eldridge]

On 04/06/16 20:14, Wm wrote:
> 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'm interested in this too so I'll ask please Wm: we're not registered 
for VAT yet but considering voluntary registration for the flat rate 
scheme.

  I can see how to manually split the tax in the accounts receivable, 
but can't see any way to set up the tax table to subdivide the tax 
amount between two accounts (VAT payable liability and VAT income). I 
can do the relevant maths to work the appropriate percentages of the 
total VAT to go to each account (the percentage varies by business type).

thanks in advance,
Katie