First VAT return on FRS

Support
1

I am ready to submit my first VAT return on the FRS. Do I need to enter both Sales and Purchases as having created my Sales Invoices and not inputting my Purchases the VAT Return shows blank in the boxes?

2

Hello Jennifer

Here is a snipit from our Flat Rate article which you may find useful

Inputting your sales and purchases

As far as entering your sales and purchases while on the flat rate scheme, there really isn’t much difference than for ordinary VAT accounting. Here are some things to remember while completing your bookkeeping:

  • all sales invoices are entered at the standard rate of VAT (Currently 20%, June 2012) not the flat rate of VAT. This allows your clients to claim back the full VAT that they are entitled to the VAT columns on the purchase entry form are not available and all purchases are entered gross without VAT
  • you may override the VAT restriction on purchases by checking the appropriate box, this will allow you to reclaim VAT as necessary (please ensure such purchases qualify for a reclaim)
  • all prepayments made by your customers before an invoice is raised are subject to VAT at the flat rate

Here is a link to the article for you
https://support.quickfile.co.uk/t/flat-rate-vat/8927

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