Hi

We are vat registered. We applied to go flat rate from 01.04.24 - we have just been told year but until today have entered all purchases as T1 or T0. There are several 100 of these. The VAT quarter ends 30/06 and I am wondering what the best way to sort this out is?

should I dump out the vat return as a CSV and then total box 4 VAT by nominal code and enter a journal to credit the VAT back to the purchase vat NC and put the debits back on the original purchases/overheads nominal codes. should I use T1 for the credit entries and T9 for the debits. Then switch on the flat rate scheme from 01 04 24 and run the VAT return for QE 30 06 24.

Will this work or do the purchases have to have some special VAT code for the purchases??

Thanks in advance

B