Incorrect Flat Rate showing in invoice drop down

Problem reported by Chloe Constantine 8 months ago

We are currently running at 5.5% reduced flat rate scheme and have entered this rate from 1/10 in the VAT rate for the tax scheme but it doesn't offer this rate in the drop down when creating an invoice? Am I missing something?

1 Reply

Hi Chloe,

Although you are on the Flat Rate, you must charge the Standard rate of 20%, reduced rate of 5%, 0% or Exclude from VAT return depending on the goods sold. When running your VAT return, you will only pay the flat rate of 5.5%.

Tommy

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