Sage & flat rate scheme vat

[vik2009]

Hi all,

I'm going through such a busy time with the business and in need of some help/advice?

I will be applying for vat flat rate scheme.currently am using sage line 50 v12..now this version does not handle the flat rate scheme.

Now my question is how do I configure /put in entries so my sage can handle the vat element???

I have been using vat tax code t9 since setup..


Thank you in advance

 

[julie boik]

As far as im aware it does'nt cater for the flat rate scheme. if you upgrade to sage 2011 v17 it automaticly calculates it for you. So youll have to do your flat rate vat calculations manually from your VAT report using v12.

 

[julie boik]

Your sales should be T1 all purchases T9.

 

[julie boik]

Refering to the above T1 & T9 are to be used when you start on flat rate sheme.

 

[johndon68]

If you go to the 'Ask Sage' section of Sage's website and do a search for 'flat rate scheme' then you'll get loads of articles. Assuming you are on Standard VAT then the specific article you need is number 11741...

John

 

[vik2009]

Calculations manually can be done..

export sales to excel for the period (which will be turnover) and multiply this by my flat rate percent and send payment to hmrc..is that correct?

T1-should I change this to my flat rate percent or leave it as it is??

 

[johndon68]

Here is a direct link to the article I mention (you may need to login):

http://ask.sage.co.uk/Scripts/ask.c...xMzYyLDQ3Nyw5NjcsMjI1Niw2ODYsMTY3&p_topview=1

John

 

[David Griffiths]

Calculations manually can be done..

export sales to excel for the period (which will be turnover) and multiply this by my flat rate percent and send payment to hmrc..is that correct?

T1-should I change this to my flat rate percent or leave it as it is??

You apply the flat rate to the gross amounts - sales plus VAT, and also to other business income such as interest received. Simply exporting sales is unlikely to give you the correct answer. It also wouldn't be the correct figure if you calculate VAT on the cash basis.

If you are invoicing other people then you have to leave T1 at 20%

Version 12 really is quite old and you really should consider getting a program version that will handle the flat rate scheme. If you don't there is an increased risk that your work rounds will go wrong and the VAT will be wrong.

 

[johndon68]

Having read the article that I linked to, the process to hande this in v12 is really quite complex and still involves manual amendments to the VAT Return - I suspect that a upgrade to v2011 will be money well spent compared to doing it in v12...

John

 

[weebly_one]

I currently do a clients bookkeeping in V12 and do the adjustments each month as per the Sage knowledgebase article. it is fine if you download the extra reports needed from Sage and follow the step by step instructions.

I do have copies of these I can email over if you message me your email address.

Saying that though it is click click done in the latest version - so much easier!

 

[vik2009]

I currently do a clients bookkeeping in V12 and do the adjustments each month as per the Sage knowledgebase article. it is fine if you download the extra reports needed from Sage and follow the step by step instructions.

I do have copies of these I can email over if you message me your email address.

Saying that though it is click click done in the latest version - so much easier!

Hi that would be great if you could get them to me

[email protected]


Thank u

 

[VIK007]

Hi all,

I have received my certificate for VAT and effective date is 1st may 2011.

What changes do i need to do to sage now to reflect the flat rate ?
thank you


BTW - using sage instant accounts plus v 17

 

[weebly_one]

Make sure in sage you have the correct VAT rate set up. The easiest way to do this is to hit the F1 key for the help text, and then look up in the index Flat Rate VAT - it then gives step by step instructions on what to do.

 

[VIK007]

Hi,

Iv changed as per notes in help file.

Question, as my effectove date is 01/05/11 does that mean i need to amend all invoices posted in sage to the T1 tax code now?

as they have originally been posted to T9?

and do i need to change all suppliers accounts to T1 aswell?

 

[EKB lady]

Refering to the above T1 & T9 are to be used when you start on flat rate sheme.

I just had the same situation. Thank you for posting the answer