To whom it may concern:
I am on a Flat Rate scheme of 14.5%; I have just realised however that the VAT Returns submitted to HMRC are being calculated at the standard rate of 20%.
The VAT settings are correct in that the:
- Flat Rate Scheme box is checked
- This is set to 14.5%
Can someone please explain why QuickFile is incorrectly calculating the VAT at the wrong %?