I've read a couple of previously posted topics on this subject stretching back years but haven't found an explanation of exactly how to successfully manage the UK's VAT Flat Rate Scheme (FRS) from within gnucash. Here we are in 2019, can anyone share their method?
In summary when in the VAT Flat Rate Scheme one adds 20% to sales to create an invoice. Then one calculates 15.5% of sales which is paid to the government. The difference between the 20% invoiced and the 15.5% paid out is profit for the business ie Sales: £1000 VAT added to sales invoice @ 20% = £200 Invoiced amount: £1200 VAT @ 15.5% owed to government = £155 Profit for business = 200-155 = £45 Thanks for any help, I'm really looking forward to a neat solution! -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
