As far as I understand the new limited cost trader regulations come into force April 2017, a limited cost trader will be required to use a VAT flat rate of 16.5%, where a company VAT period spans the change in April a change in VAT rate seems to be required mid way through a VAT return period. There appears to be no facility with Quickfile to address this?
It has to be done manually in QF as well like with other softwares
As @FaradayKeynes mentions, it’s not possible to change the rate mid-way through a VAT period.
However, you may wish to take a look at this topic where a potential workaround was suggested by another user.
Also it is worth looking into moving to standard scheme as difference is very very marginal with 16.5% FRV
Indeed, net-plus-20% means the vat is 16.67% of the gross sales total, so if you have any VAT reclaimable on your purchases at all then it may be to your advantage to switch.
With no vatable purchases, it remains worthwhile at 16.5%, but thanks very much for the pointer to the workaround that looks like a viable solution over the first quarter, where the VAT rate will change.
Every business is different hence detailed analysis is crucial for inputs and vat elements
