How do I change from none VAT registered to flat rate scheme.
All transactions prior to registration were entered as T1, but with no VAT. Do I still use T1 for sales and purchases, but not split VAT out on purchases as before?
How do I change from none VAT registered to flat rate scheme.
All transactions prior to registration were entered as T1, but with no VAT. Do I still use T1 for sales and purchases, but not split VAT out on purchases as before?
Hi Annie,
Thanks for using Sage City.
There are two flat rate schemes, Invoice Based and Cash based, you can read about them here: VAT Registration and Schemes
Before advising specific steps it would be good to know which you would be moving to, and what your software is currently set to, you can check the latter in Settings > Company Preferences > VAT.
Regards
Andy
Sage UKI