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VAT comparison user guide

News posted by Chris Storey 6 years ago

We recently added a fantastic new feature to Clear Books Accounts, enabling users to compare VAT liabilities under standard VAT and the Flat Rate Scheme (FRS).

We've now added a comprehensive guide to using this feature - [click here](https://www.clearbooks.co.uk/support/guides/vat-2/vat-comparison-screen/ "Click Me!") to take a look at our step-by-step instructions, including helpful screenshots.

Whilst the feature is available to all users, accountants and bookkeepers will find it useful to advise clients which scheme is most likely to be beneficial to them.

What is the difference between each VAT scheme?

Standard VAT

VAT is based upon the difference between VAT charged to customers and VAT paid on purchases

Flat Rate Scheme

VAT is paid at a fixed rate applied to VAT inclusive sales, with the rate being dependent on the type of business

4 Replies

We have been on standard VAT rate for years. When I enter our 12.5% Flat Rate percentage and run a VAT comparison report, both the standard VAT scheme and FRS columns are exactly the same. Could someone let me know what I'm doing wrong. Thanks.

Hi Ben

Is it possible for you to raise a ticket through the "need help" button on your dashboard so that I can see the link to your company and also will be able to share screen shots etc with you.

Best regards

Latha

I couldn't find this. The documentation says it is in the menu Reports > Tax > Vat Comparison but I can't find this. Is it in a different version of Clearbooks?

Hi Pete,

We need your business details in order to be able to look into why this may be. Please email support@clearbooks.co.uk with this information.

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