How do you show fixed rate vat on accounts

If a client is on standard accounting then the vat is deducted from the sales and the relevant expenses and vat is not shown at all on the profit and loss account.  With fixed rate vat, I have always shown it as an expense on the profit and loss account, how does anyone else show it.  I do not feel it is right to deduct from sales as it is a special scheme, it would reduce the sales value but the expenses would include vat.  The treatment has been queried by a bank manager/financial advisor.

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As far as I am concerned, there are two methods

BKD |
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I have a different approach

Luke |
Luke's picture

No hard & fast rule

Paul Scholes |
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Luke

BKD |
BKD's picture

there is only one way

Tonykelly |
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Simple calculation?

BKD |
BKD's picture

Same approach?

Luke |
Luke's picture

As far as I'm concerned

BKD |
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Adding value

cfield |
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Just proves there is no black or white answer

Luke |
Luke's picture