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VAT Flat rate scheme
Businesses who opt for the VAT flat rate scheme can also take an extra 1% in their first year of trading. (My accountant tells me).
Does FAC support this? If not, could it? I didn't see any on-screen mention, so I assume not.
Does FAC support this? If not, could it? I didn't see any on-screen mention, so I assume not.
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Charles,
Good idea - we'll definitely do that...
The company says
this answers the question
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Inappropriate?Oops - Sorry gents - I just found the answer to this same question under the heading 'VAT discount'. - Yes it does.
Maybe FAC could add some narrative on screen to confirm this function when you select the flat-rate scheme in settings. -
The company says
this answers the question
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Inappropriate?You guys do sometimes hide your light under a bushel! - I'm sure sometimes its because you want to keep the UI looking clean and simple, but just having a confirmation can be a reassurance about just how good FAC is!
I’m happy
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Inappropriate?Can I just check - does FAC support the flat rate scheme as I can't see any reference to it in the VAT section of My Settings.
I’m hoping
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Inappropriate?@richallum,
Yes, indeed it does - the VAT section of My Settings allows you to select what Flat Rate Scheme you're on (if any) when you first set up VAT on FreeAgent (and which is used to create any current and historical VAT returns).
(note that you'll need to select 'Registered' as your VAT status to see this field).
For each VAT return in FreeAgent, you can edit the FRS settings (choose Edit Details on the VAT Return page itself). When a new VAT period starts, a new return will be created using the same settings at the most recent one.
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this answers the question
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