The partnership’s profit & loss report includes a figure for ‘Flat Rate VAT sales adjustment’ in turnover. The sales turnover figure already includes the VAT we charged, so is some of the VAT counted twice when calculating turnover? (The sales adjustment appears to be the difference between what our VAT liability would have been if we used the standard method and what we actually paid on the flat rate scheme.)
There’s an explanation of the flat rate VAT adjustment in the following guide. This accounts for the differential in the rate you invoice against the reduced rate you pay to HMRC.
Thanks for that, Glenn.
Glen could you point me to where the Flat Rate VAT adjustment guide has moved to please.
Here’s a copy of the original guide from the archives:
Just to add to this, it does look like we’ve actually copied this one across to our current knowledge base: Flat Rate VAT
Thankyou I’ll have a read.
Hoping you can chat on how to fix my VAT problems on my account? Not sure how to resolve it, but all my VAT numbers are wrong I think, I have a double entry and now really don’t know whether to trust the numbers on quickfile to do my next VAT return!
Can I reserve a time when we could do message exchanging?
Unfortunately we don’t offer telephone support, but I have replied to your other thread for you. Hopefully we can resolve this for you there (or if needed, we can take it into a private message)