do we show in the accounts the net expences, the VAt on these is not as high as that claimed due to the % being too low how do we account for the difference and do we tell the customs???
sarah taylor
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Search the threads, this has been dealt with at length.
Do it all Gross, VAT paid is a deduction from Income
Basic rules
You post all sales and purchase invoices gross and then debit the flat rate VAT charge to sales. This results in no differences to account for.
You have to apply to HMRC to be allowed to use the flat rate scheme either by post or by e-mail through the HMRC website on form VAT600 .
Have a look at VAT733