I was wondering if it would be possible for QF to have something in the VAT settings to indicate that the flat rate VAT will increase by 1% after the initial year of registration, and also calculates the VAT due accordingly.
This other accounting system that i had used previously had this option, which is why i ask
If you need, do look at account 6131441877 where is have change Flat rate % by 1%.
Will keep this open as a feature request.
Although for this to work we’d also need to ask the client to supply their VAT registration date (something we don’t currently store). We’d also be very nervous about just changing this automatically, there are so many different scenarios with VAT and changing the flat rate % at the wrong time and the client not noticing would be an issue.
Hi is there any update on this. I would find this very useful as now I will have to remember to change the rate for clients at end of first year, whereas other online systems I use I can set this up when we do the vat registration.
There’s no update here I’m afraid, but we do keep an eye on community demand and interest. We’ll update here if there’s any update.
Hi suggest that you store date of registration on flat rate scheme along with tick box to say yes to 1% reduction for first year. And rate set at normal rate. So system know to discount for the first year.
Even though i understand the complications of the feature, it will be a great feature to have.
have to admit, one of our accounts assistant forgot to change/increase the rate by 1% after 1st anniversary. (even though we have a reminder system in place). We caught it just in time!