Flat Rate VAT

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Flat Rate VAT

Postby Rossallit on Sun Mar 29, 2015 6:42 am

Can anyone please advise if it is possible to account for VAT on the Flat Rate System using ABC6 ? If so how. Thank you
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Re: Flat Rate VAT

Postby abctech on Tue Apr 07, 2015 3:40 pm

There is no difference to using ABC either for normal VAT system or Flat Rate VAT, so basically ABC can certainly be used for Flat Rate VAT.
EXCEPT.... that the ABC online VAT reporting system does not cater for Flat Rate VAT and therefore you'd have to use the HMRC website to submit your VAT Returns (and perform the single percentage calculation each quarter to determine how much VAT to pay).

If there is enough interest from ABC users we could easily implement Flat Rate VAT as an option in ABC (and allow for all the various different percentages for types of small business). It may be that using Flat Rate VAT could save you money, or it may cost you more. To see which is likely in your case, look at your total sales (turnover) for last year (including VAT), multiply by the percentage for your type of business to get the amount of VAT you would have paid that way. And then compare it to the amount of VAT you actually did pay last year.

What do other people think?
(There is no question about ABC that we can't answer :-)
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