Hi
I am registered for "Flat Rate" VAT. The rate changed on 1st Jan. How do I change this. As I did not do this on the 1st jan. will i have to amend my invoices individually.
Also I will need to move from flat rate to the full VAT rate shortly as my turnover increases. What procedure to I apply to accomodate this.
Regards
John C.
Hi John,
To change the Flat Rate for future transactions, click menu Setup > Contact Details & VAT, then change the flat rate percentage.
To change the Flat Rate used on existing transactions, open the transaction window and press the small 'Up' arrow next to the VAT Treatment field. Then change the flat rate percentage shown.
When you come off the flat rate scheme, click menu Setup > Contact Details & VAT, then remove the tick next to 'Use Flat Rate Scheme'.
See this page for more details
http://www.solaraccounts.co.uk/help/notes-on-the-flat-rate-scheme-for-vat.php
Cheers,
