Hi,
I have entered my invoices and VAT seems to be calculated correctly on each one. But when I create a draft VAT return, the VAT amount is calculating on the gross amount (i.e. the amount plus VAT at 20%), and figures in the VAT amount column are all zero. This is giving me the wrong figure for the VAT (at 14.5%).
What am I doing wrong and why is it not calculating on the net amount of invoice totals?
Thanks
This suggests you’re on the Flat Rate scheme, in which case the QuickFile calculation is correct - your flat rate percentage is supposed to be calculated on the gross amount, not the net.
Yes, I am on the flat rate. OK, I guess that makes sense. Thanks.
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