VAT fixed rate scheme change rate
Question asked by Chris Lewton 8 years ago
Hi Can anyone advise how I change the my fixed rate VAT to a new rate and how I stat this from an earlier period?
Thanks
Hello Chris,
To update your tax scheme you will need to go to Settings > Organisation > Tax & Details > Tax, select the "manage VAT scheme" link.
FYI: Any invoices created in the tax period that were generated before the update, will need to be edited and updated to register the new tax rate.
Thanks, Theo
Best answer
I hesitate to step in here but, just in case, if you are on the cash basis of the FRS it's the invoice that determines the FRS% to use not the % that applies when the cash is received.
All sorted thank you all.
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