Flat rate VAT

Flat rate VAT

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Using the flat rate VAT scheme how would one go about entering accounting transactions into an accounts package? I presume one would account for the VAT by journal each quarter. Credit VAT liability and debit what, sales? For statutory accounts comparisons would then be meaningless as current year would be shown as gross purchases and last year's net. Also, reduced VAT would mean increased Corp. Tax if profits more than £10k. Anyone got any info/thoughts on this?
Andrea Rudge

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By neileg
10th Jul 2002 16:13

Try here
Discussed here

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