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Level 1

Flat rate vat how do I input purchases? do I still track at 20% vat or exempt, not registered, or 0. confused as I believe p&l account is not correct. quickbooks pro 2016

do i have to enter the vat on purchases, or record as 0 using flat rate in quickbooks 2016 pro

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Best answer 02-07-2019

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Level 4

Flat rate vat how do I input purchases? do I still track at 20% vat or exempt, not registered, or 0. confused as I believe p&l account is not correct. quickbooks pro 2016

You enter Bills as normal entering vat as charged.

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Level 4

Flat rate vat how do I input purchases? do I still track at 20% vat or exempt, not registered, or 0. confused as I believe p&l account is not correct. quickbooks pro 2016

You enter Bills as normal entering vat as charged.

View solution in original post

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Level 1

Flat rate vat how do I input purchases? do I still track at 20% vat or exempt, not registered, or 0. confused as I believe p&l account is not correct. quickbooks pro 2016

Thanks for the reply, was confused as to whether it affected profit & loss account.
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Level 4

Flat rate vat how do I input purchases? do I still track at 20% vat or exempt, not registered, or 0. confused as I believe p&l account is not correct. quickbooks pro 2016

Flat rate is odd you still have to report vat but you are not allowed to reclaim it, unless its a capital purchase. I think its anything over £2000 but HMRC will define this.