Flat Rate VAT - creating Profit and Loss Account

Question

I understand that VAT is calculated in the P&L as normal until the VAT return is created and then the Flat Rate is used. 
 How do I then go about creating a P&L report for a client. If I do it monthly - it is incorrect as the VAT rates are not right.

Denise Forrest · Accepted Answer

Thanks for you response Andy, so am I right in thinking I can only provide a P&L quarterly inline with the VAT return?

Andy Rickeard · Answer

Hi Denise, thanks for coming back. Yes, for accuracy a quarterly P&L would be appropriate.

Andy Rickeard · Answer

Hi Denise, Thanks for using Community Hub. You'll only be able to review the nominal balances after the VAT Return has been completed. Regards, Andy Sage UKI

Sage Accounting UKI

Flat Rate VAT - creating Profit and Loss Account

Top Replies

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING