Loading Profile...
VAT flat rate problem
I am in my first trading quarter and VAT period. I set the flat rate scheme up wrong (11.5% instead of 12.5%). I have gone into the settings and updated it but the VAT is still being calculated on the 11.5% basis.
I’m unsure
1
person has this question
I have this question, too!
Tell me when someone answers.
The more people who ask this question, the more it gets noticed.
The more people who ask this question, the more it gets noticed.
-
Inappropriate?rich,
We're probably not being very clear on the forms about this:
The Settings > UK VAT Registration form is just used to define the settings for the VAT periods which are automatically created when you set up your registration (there may be quite a few).
Once that's been done, you need to edit the details of the individual VAT returns (there's an Edit Details button in the top right corner) to change the parameters.
We do it this way because clearly there can be ongoing changes to the way VAT is calculated - such as switching between Cash and Invoice accounting, or between Flat Rates - which having a single, global setting doesn't handle.
Hope that makes sense - we're definitely going to make some changes to the forms to make this much clearer in future.
EMPLOYEE
