VAT Rates

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Hi everyone we work on a flat rate of 16.67% but how do l show this in my sales invoices as not letting me change it when l am in there

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  • 0

    Hello,

    flat Rate VAT is a bit different from the standard VAT settings. It’s not something that you would typically apply directly to each invoice, as it’s more about how you calculate your VAT return, rather than the rate applied to individual transactions. When you're using Flat Rate VAT, you won’t adjust the VAT rate on each sales invoice manually. Instead, the system will use the Flat Rate percentage when calculating your VAT liability at the end of the period, during the VAT Return process.

    You need to do:

    1. Make sure you have the Flat Rate VAT scheme set up correctly in your Sage settings. This is where you specify the 16.67% rate.
    2. For regular invoices, the standard VAT rules will apply to the individual items you sell.
    3. When you’re submitting your VAT return, Sage will automatically apply the 16.67% rate for the flat rate calculation on your overall sales, as long as you’ve correctly set up your Flat Rate VAT scheme.

    Basically, the system takes care of the application of the Flat Rate VAT percentage during the VAT Return, so you won’t need to manually adjust each invoice for that percentage.

    Hope this clears things up

Reply
  • 0

    Hello,

    flat Rate VAT is a bit different from the standard VAT settings. It’s not something that you would typically apply directly to each invoice, as it’s more about how you calculate your VAT return, rather than the rate applied to individual transactions. When you're using Flat Rate VAT, you won’t adjust the VAT rate on each sales invoice manually. Instead, the system will use the Flat Rate percentage when calculating your VAT liability at the end of the period, during the VAT Return process.

    You need to do:

    1. Make sure you have the Flat Rate VAT scheme set up correctly in your Sage settings. This is where you specify the 16.67% rate.
    2. For regular invoices, the standard VAT rules will apply to the individual items you sell.
    3. When you’re submitting your VAT return, Sage will automatically apply the 16.67% rate for the flat rate calculation on your overall sales, as long as you’ve correctly set up your Flat Rate VAT scheme.

    Basically, the system takes care of the application of the Flat Rate VAT percentage during the VAT Return, so you won’t need to manually adjust each invoice for that percentage.

    Hope this clears things up

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