Hi, I am just looking at the VAT returns for a client who is using Flat Rate VAT and noticed that on the VAT return the purchases are not shown allowing us to work out the cost/benefit for his accounts. Any ideas on how to get them into the VAT return calculations report at least.
Many thanks
Helen
When using the Flat Rate VAT scheme, the purchase VAT is not recorded and only the gross amount of the purchase is entered, therefore you will need to do a manual calculation to work out the cost/benefit of using the FRV scheme.
Ok thank you very much. Are the purchases flagged in any way as vat reconciled?
Once you submit the VAT return the transactions are locked.
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