Sge 50 Accounts 2012 Flat Rate Scheme
Posted: 29 Mar 2015, 23:40
Hi Bruce
My client has changed from standard rate VAT to flat rate scheme at 10.5%. I have changed the VAT code to flat rate, configured T1 at 10.5% and all purchases etc at T9.
My client is a booking agent and sends invoices to hotel clients, but additionally receives bookings from customers which are then passed on to hotels. When I used standard rate, there was no problem calculating VAT from the net amount. However, although the VAT return is showing the correct figures, i.e. Box 3 is 10.5% of Box 6, the individual transactions are out. How should I be entering tax receipts to correct this? If I enter the net amount received, it adds VAT on to the amount received.
Hope you understand what I am asking,and thanks in advance for your help.
My client has changed from standard rate VAT to flat rate scheme at 10.5%. I have changed the VAT code to flat rate, configured T1 at 10.5% and all purchases etc at T9.
My client is a booking agent and sends invoices to hotel clients, but additionally receives bookings from customers which are then passed on to hotels. When I used standard rate, there was no problem calculating VAT from the net amount. However, although the VAT return is showing the correct figures, i.e. Box 3 is 10.5% of Box 6, the individual transactions are out. How should I be entering tax receipts to correct this? If I enter the net amount received, it adds VAT on to the amount received.
Hope you understand what I am asking,and thanks in advance for your help.