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Flat rate VAT scheme in first years
is your site compatible with FLAT VAT settings? My company was formed in Jul 2008 and then I registered to VAT flat rate scheme. The rate at which I change on sales is different then what I pay back to HM revenue and then in Dec 2008 there was VAT rate changes. I would like this change to appear. The difference in VAT charged and VAT payable to HM revenue for first year is a direct company profit from VAt on flat rate scheme and it scheme to be NOT working correctly with your site.
Can some one help me with this. I hardly have 5-6 days of trial remaining and to uunderstand whether to go with its subscription?
Actually I have trial account and I am thinking of full subssciption.
Can some one help me with this. I hardly have 5-6 days of trial remaining and to uunderstand whether to go with its subscription?
Actually I have trial account and I am thinking of full subssciption.
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Inappropriate?Hi Nilesh,
FreeAgent should correctly handle both a first year discount of 1% and the changes to the Flat Rate Scheme rates which came into force on 1 Dec 08.
It applies these varying rates based on the actual dates of invoices in the system, rather than as a single rate across a whole VAT Return. We believe this is the correct method for doing this and is what the HMRC notice requires (http://www.hmrc.gov.uk/vat/start/sche... - 'What to do if your flat rate percentage changes')
FreeAgent also automatically adds 'Flat Rate Scheme surplus' income to your P&L based on the difference between VAT collected and that submitted to HMRC.
We're more than happy to take a look at your previous calculations to work out why the differences have arisen if you like. Just let us know and we'll move this enquiry into our internal helpdesk system...
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