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1% discount Flat Rate Scheme

Hi guys!

I'm submitting my first VAT return. We are using the Flat Rate Scheme, and I was wondering, in my great ignorance, whether I need to include the 1% discount for the first year in the rate I set in QuickBooks (so, instead of using a rate of 8.5%, I'll use a rate of 7.5%), or if it's something that HMRC does on receiving the return.

 

Thanks for any help!

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Best answer March 12, 2020

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QuickBooks Team

1% discount Flat Rate Scheme

Hi Giulia, 

 

You would set the rate in QuickBooks to 7.5% in this instance and then adjust this in the settings when this increases.

 

Thanks

View solution in original post

1 REPLY 1
Highlighted
QuickBooks Team

1% discount Flat Rate Scheme

Hi Giulia, 

 

You would set the rate in QuickBooks to 7.5% in this instance and then adjust this in the settings when this increases.

 

Thanks

View solution in original post