Hi
JUst changed over to Flat Rate VAT. Report says that it is a flat rate VAT report but also tables a Sum for VAT reclaimed on purchases. I thought that this would be a Zero amount?
Calculation should be the flat rate x sales income correct?
many thanks for any assistance
Matt
Did you change input invoices too to gross from net with no vat figures in vat column?
there does not appear to be a way to do this in VAT settings.
179699718
Accounting Method Accrual Accounting Cash Accounting
Flat Rate Scheme
Flat Rate to Apply
7.50
%
Vat Period
(Month Commencing)
Vat Filing Start Date
This is the date you want to start
using Quick File for your VAT Returns
31/03/2015
(dd/mm/yyyy)
VAT Procedure Version
You have to manually edit inputs invoices for vat amount from FRV effective date, you can down load calculation and see which invoices making up for box4
Thank you. I have started to modify at invoice level - VAT automatically sets to zero when I click modify but it now calculates the VAT as being a credit on the account of the supplier. Have I doing this wrong somehow?
Thank you again
you need to record gross amount in net column
say before change it was net 100, vat 20, gross 120
it should be net 120, vat 0
Where do I make this adjustment to the NET column? When I click Modify - it does not allow me to change.
Please make sure you have list of invoices from new flat rate vat return to be changed and not changing invoices which are already in locked period from previous vat return
thanks - yes - this is what I am working from. they are not locked as such - but give me no option to edit the gross / Net figure. When I hit Modify - all thgat happens is it sets VAT to Zero.
Are you not able to click and edit in cells Sub Total VAT Rate?
What is your Account lock date?
I can on invoices but not on purchases - that’s where my problem lies. some of the purchases have a VAT element that remains at 20% and is being offset against VAT payable to HMRC when it shouldn’t be. The purchases aren’t locked
You should not see vat column on purchase now after setting moving to flat rate vat scheme unless you have option ticked at bottom of purchase invoice "Allow VAT to be reclaimed on this purchase"
Untick that please
also - should Bank Tagging rules be changed - VAT reduced to 0 from 20% on purchases?. Dont Understand why some invoices have changed automatically to reflect VAT flat rate and other havenet.
no need to change bank tag rules. Those invoices with zero vat in first placed automatically moved because net and gross amounts are same others need manual adjustments with untick option to Allow VAT to be reclaimed on this purchase
thanks for your help. I still am no further advanced sadly. Cant find a way to edit the invoice.
@TheCommonFramer - What’s the invoice number please? If you’re looking to just zero rate this for the purpose of the return, I’ll have a quick look for you
This is what i see when I open a Purchase record. Note: These are all created by uploading from a Bank
None of this is editable unless I press Modify and then all that happens is it reduces VAT to zero. Nothing else can be changed and VAT component added as a credit to the Suppliers account. Bit of a problem as I have to do VAT return and Corp Tax.
StatementReceipt No: QF01529
Supplier Ref: SUP0000002
Receipt Date: 16/02/2017
Due Date: 16/02/2017
Category Description Sub Total VAT Rate VAT Total
General Purchases
framing Supplies
122.93 20.00% 24.58 147.51
PAID
Can I just confirm, invoice QF01529 on your account should be £147.51 with zero VAT, and you’ve paid it in full?
it was invoiced at 20% VAT originally but now should be Zero with Total remaining at £147.51 so yes that is correct thank you
I’ve just updated that invoice for you. Please can you check and make sure everything is OK for you?