Can anyone help please. I am new to quickfile and am trying to enter gross daily takings for VAT, I am entering them under cash register takings and use the flat rate scheme where the percentage I need to pay is 7.5% - however there is no option in the dropdown box for VAT for this amount only 20%, 12.5%. 5% or 0% so the VAT amount shown for the amount I need to pay is incorrect. I have correctly configured the VAT in the VAT settings. Am I am doing this correctly or incorrectly and, if incorrectly how should I be doing this? Can anyone help please. Perhaps there should be a further option in the drop down VAT box for " any other amount ". Many thanks.
With flat rate vat you would still be charging the full 20% to the customer. It’s just HMRC you pay less to. But its also calculated different to normal. I think with the cash register tool you would just enter the vat amount anyway and leave the percentage as it is. Maybe someone else can confirm though.
Cash register tool records the sale. The sale would be at 20%. Nothing to do with what you pay hmrc. Hopefully you haven’t been charging customers 7.5%
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