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How to set up advertising using the Sage Accounting flat rate VAT scheme The flat rate VAT scheme is an alternative way for small businesses to account for VAT due to HMRC. In flat rate VAT mode, your daily processing remains the same and VAT is charged in standard, reduced, exempt, nil and no VAT as usual. Flat rate interest is used to calculate the VAT return. The amount of VAT you pay to HMRC is calculated as a percentage of your gross turnover, which includes all sales, including nil and tax-free transactions. How does it differ from standard or spot VAT regimes? If you use the standard VAT or VAT at the till, you pay HMRC the VAT you charge on your sales and claim back the VAT you charge on your purchases. The amount you actually pay or claim from HMRC is the difference between VAT on sales and purchases. You can choose whether to use an invoice or a cash flat rate VAT. If you choose an invoice, VAT will be charged at the time the invoice is issued. If you choose cash, it will be calculated at the time of payment. Can I use a flat rate? You can join the program if you expect your VAT turnover to be PS 150,000 or less in the next 12 months. VAT turnover is everything you sell with standard, zero and reduced VAT. It does not include VAT and the value of fixed assets that you intend to sell. You can stay in the program until your companys total income exceeds 230,000 PS. This figure includes your taxable income and the value of all tax-exempt and non-taxable income. If you are not sure if you qualify, contact HMRC. Configure the VAT scheme and flat rate Go to Settings, then Company Settings, then click Billing date and VAT. In the VAT Mode drop-down list, click the appropriate Flat VAT Mode option. In the Flat rate (%) field, enter a percentage of the flat rate. If you are not sureHow to set up advertising in Sage Accounting using the flat rate VAT scheme About flat rate VAT The flat rate VAT scheme is an alternative way for small businesses to calculate the VAT payable by HMRC. In Single VAT mode, your day-to-day processing remains unchanged and VAT is calculated as normal at standard, reduced, exempt, nil and no VAT rates. Flat rate interest is used when calculating the sales tax return. The amount of VAT you pay to HMRC is calculated as a percentage of your gross sales, including all sales, including those that are exempt and exempt. How is it different from standard or sales tax cash accounting? If you use the standard VAT or VAT regime, you pay HMRC the VAT you charge on your sales and claim the VAT charged on your purchases. The amount you actually pay or claim from HMRC is the difference between the VAT on your sales and your purchases. You can choose to use an invoice or a flat rate sales tax scheme. When invoicing is selected, VAT will be calculated at the time of invoicing. If you choose to pay in cash, it will be collected at the time of payment. Am I eligible for a flat rate program? You can join the program if you expect to have sales of 150,000 or less including VAT in the next 12 months. VAT sales are anything you sell at normal, zero and reduced VAT rates. It excludes VAT and the value of any investments you intend to sell. You can stay in the system as long as your total business income does not exceed P230,000. This figure includes your taxable income and the value of all taxable and non-taxable income. If you are not sure whether you qualify, contact HMRC. Set up VAT scheme and flat rate interest Go to Settings, then Company settings, then click Accounting data and VAT In the VAT mode drop-down list, click the appropriate option Flat VAT mode. In the Flat rate (%) field, enter the percentage of the flat rate. If you are not surepercent, please contact HMRC. For more information visit the GOV.UK website. If you havent already, follow these steps. Select the sending frequency. Enter your VAT number. Enter your HMRC User ID. You have successfully entered a fixed interest rate. The next time the VAT return is calculated, the amount due to HMRC will be calculated using this rate. Changing the Flat Rate Percentage When you first register for a flat VAT rate, you can receive a 1% discount for the first year. After this year, you must change the rate to full interest for the next tax period. In this case, two scenarios are possible: If the rate change takes effect from the beginning of the new tax period. Complete the VAT return for the latest reduced rate period. Go to Settings, then Business Settings, then click Account & VAT Information. In the Fixed rate (%) field, change the percentage and click Save. This scenario is a little more complicated and requires a few extra steps. After the date of the rate change, you can continue to work as usual, because the percentage will only be reflected when the VAT return is processed. For this example, lets assume that the tax rate changes after the second month of quarterly sales tax filing. Complete the VAT return for the first and second month (using the reduced rate). Then send it to HMRC in a different way and save. Go to Settings, then Business Settings, then click Account & VAT Information. In the Fixed rate (%) field, change the fixed rate to the new rate, and then click Save. Complete your third month tax return. Then send it to HMRC in a different way and save. Print a summary (with fields 1 to 9) for these two VAT returns and add up the two sets of numbers for each field on those returns. Sign in to your Government Gateway account and manually submit monthly totals for the first, second, and third months. When you record a payment in HMRC, you must mark both returns as paid. Use a flat VAT rate

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