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Jan 8, 2020 6:06 AM UTC
Question

I am on flat rate tax for VAT. How do I process VAT for my expenses? What rate / classification do I use?

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1 reply

Jan 8, 2020 10:14 AM UTC

Hi DdB2

 

You will eed to set up the VAT on the Taxes page, entering the data including the flat rate percentage. When you create transactions you will still select the 20%S VAT code and the system will calculate the correct amount of VAT. With expenses you will also notice that there is a reclaim VAT option, usually only used if the expense is over £2000.