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jhome
Level 1

Flat rate scheme 20% VAT + FRS incorrect

I am on the flat rate scheme. I have configured the settings in the VAT tab accordingly on Quickbooks Online. I charge the standard 20% (SS-20.0) rate on my invoices.


The VAT return tab does not display the correct figure. VAT Detail Report lists the net amount correctly and calculates the standard VAT rate. However, VAT 100 Report takes this total sum (net amount + VAT) and uses it as the net figure thus rendering the incorrect number (net amount + 20% VAT + FRS%) for final sum.

 

Am I missing some kind of switch here? I am unable to sleep due to this.

3 REPLIES 3
HoneyLynn_G
QuickBooks Team

Flat rate scheme 20% VAT + FRS incorrect

Thanks for reaching out to the Community, @jhome.

 

The VAT calculation in QuickBooks depends on the selected preference. The report will reflect the amount according to the filter set, such as the date and accounting method. Make sure to choose the appropriate defaults.

 

To learn more about customizing reports, open and use the link as a reference.

 

For future help with VAT, you can use the following articles.

Keep me posted on the results or if you have follow-up questions by leaving a comment below. Have a good one!

jhome
Level 1

Flat rate scheme 20% VAT + FRS incorrect

Hi HoneyLynn_G,

Thank you for your response.
 
VAT 101 Report does not appear to have the vertical ellipsis available. VAT 100 only seems to have a date range and some atheistic changes. I activated the report via the tax tab for the specific dates that produce the incorrect sum downloading the “Audit Report” from directly from the drop down.

 

I have already set up the tax, I do not believe I have missed anything as I am unable to find any other options. There is no problem in the standard VAT calculation and I have set the FRS percentage.

 

I have emailed support. Would you recommend I escalate this issue this way?

HoneyLynn_G
QuickBooks Team

Flat rate scheme 20% VAT + FRS incorrect

Thanks for trying some tests to get around with your VAT concern, @jhome.

 

I agree with you. I recommend contacting our phone team to initiate a screen sharing session. Through that tool, they can take a closer look with your account and conduct further investigation.

 

To get their contact details and business hours, you can refer to this link: Contact QuickBooks.

 

Keep me updated on how it went or if you have other questions or concerns. I'm just here to help you more.