FLAT RATE - ENTERING PURCHASES

apple
apple Registered Posts: 39 Regular contributor ⭐
edited 12:14PM in AAT member discussion
i have my 1st client with Flat rate scheme and i got confused with entering purchases. do you enter everything as gross or net?
thanks

Comments

  • burg
    burg Registered, Moderator Posts: 1,425 mod
    Everything gets entered gross apart from assets that qualify for input tax to be claimed.
    Regards,

    Burg
  • deborahcarpenter
    deborahcarpenter Registered Posts: 161 Dedicated contributor 🦉
    You dont enter anything in the purchases boxes (4 & 7) though unless you have bought a single assett costing over £2000 including vat or more or made purchases from EU countries, if this is the case you enter the nett value not gross.
  • Jawz
    Jawz Registered Posts: 53 Regular contributor ⭐
    Well said by and Burg and Deborah....Vat due is calculated on percentage (agreed with HMRC) of gross sales except in the case were an asset is bought during the period as stated above.
  • apple
    apple Registered Posts: 39 Regular contributor ⭐
    thanks

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