Forum Message

VAT Cash Accounting

Hi chaps, should be a simple one for you. Irrespective of whether I set Solar to calculate VAT when invoices are raised or settled, the VAT report generated still puts the gross amount in box 6 (rather than flipping between gross and net turnover). Am I missing something?


Posted by Kit Vaughan on Apr 26, 2015 11:57 AM BST

Hi Kit,

Are you under the Flat Rate Scheme for VAT? If so, the Box 6 figure should always show the VAT-inclusive amount. See section 7.5 on this page for details:
https://www.gov.uk/government/publications/vat-notice-733-flat-rate-scheme-for-small-businesses/vat-notice-733-flat-rate-scheme-for-small-businesses#keeping-records-and-filling-in-your-vat-return

Regards


Posted by Mark McLaren (Solar Accounts) on Apr 26, 2015 12:01 PM BST