I have a client on Flat Rate Scheme for Vat which is currently 3.5% - Solar Accounts is only showing from 6% on the drop down menu - is it ok to overwrite this?
Also, is there a facility within the software for processing Capital Assets on which you can claim back all the Vat when on a Flat Rate Scheme?
Thank you for your assistance.
Hi Marilyn,
Yes, you can manually enter a flat rate of 3.5%
For capital purchases where you want to reclaim the VAT you need to tell Solar Accounts that the transaction is not under the Flat Rate Scheme. See 'Reclaiming VAT on Capital Purchases' on this page for details:
http://www.solaraccounts.co.uk/help/notes-on-the-flat-rate-scheme-for-vat.php
Cheers,