Hi
Can anyone give me some guidance as to how to deal with this using SAGE INSTANT ACCOUNTS V12.
Thanks
Debbie
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Flat Rate VAT Scheme
-
brucedenney
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Cash based Flat Rate VAT Scheme
Dear All:
Proposed Treatment
If we assume that the client has invoiced a total of £100,000 then the
amount stting in VAT control is £17,500. But the client has only received £40000 and VAT payable at the end of the VAT quarter is £47,000 x 8.5%=£3995 (assuming a flat rate of 8.5%).
My solution is:
Sales will appear as £117,500-£9987.50=£107,512.50.
I would propose the following journal entries to clear the VAT account.
Dr VAT Control T1 £17,500
Cr Sales T9 £9987.50
Cr VAT FRS T9 £9987.50
Record Payment of VAT to HMRC
Dr VAT FRS T9 £3995
Cr bank T9 £3995
Also on the VAT return itself the total appearing in Box 6-Total Value of
Sales will be: £40,000 + (£40,000x.17.5%=£7000)=£47,000.
Any thoughts on this treatment?
Proposed Treatment
If we assume that the client has invoiced a total of £100,000 then the
amount stting in VAT control is £17,500. But the client has only received £40000 and VAT payable at the end of the VAT quarter is £47,000 x 8.5%=£3995 (assuming a flat rate of 8.5%).
My solution is:
Sales will appear as £117,500-£9987.50=£107,512.50.
I would propose the following journal entries to clear the VAT account.
Dr VAT Control T1 £17,500
Cr Sales T9 £9987.50
Cr VAT FRS T9 £9987.50
Record Payment of VAT to HMRC
Dr VAT FRS T9 £3995
Cr bank T9 £3995
Also on the VAT return itself the total appearing in Box 6-Total Value of
Sales will be: £40,000 + (£40,000x.17.5%=£7000)=£47,000.
Any thoughts on this treatment?
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