How to enter flat rate vat
How do I enter the flat rate vat and zero out the creditor to hmrc?
So let's say the real vat i have collected on my sales is £5000
But I pay a flat rate vat to hmrc of say £4700
So I am keeping £300 of the vat I collected
How do I enter the £4700 real transfer of money to hmrc? And how do I enter it so that I am no longer listed as owing hmrc £300 vat?
Many thanks
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Support Staff 1 Posted by Admin on 19 Sep, 2011 07:35 AM
Easy Books has a setting for the this, under business settings. Change the scheme to "Flat rate scheme".
Admin closed this discussion on 19 Sep, 2011 07:35 AM.
Admin re-opened this discussion on 19 Sep, 2011 07:38 AM
Support Staff 2 Posted by Admin on 19 Sep, 2011 07:38 AM
I should have also explained that it then posts your additional £300 to an income account. You will need to set the standard rate of VAT (which you charge on your invoices) and the flat rate that applies for your business.
I hope that helps,
Mathew
Admin closed this discussion on 19 Sep, 2011 07:38 AM.