VAT Flat Rate Scheme compatible with software?

[Red Edge Creative Ltd]

Hi,

I'm thinking of applying to HMRC to start paying VAT, probably on the Flat Rate Scheme because my customers are all VAT registered and I don't purchase much annually, although I will be buying some expensive computer equipment in the near future.

I was wondering if the DIY Accounting software I have (GB Accounts Company 2013-01-31 (Jan13) +Payroll 05 2012-04-05 (Apr12) +Payroll 05 2013-04-05 (Apr13) Excel 2007) allows me to calculate this type of VAT, and if not, what VAT scheme should I apply for?

Regards
Sophie

[antonycc]

Hello,

Both the Company Accounts package and Self Employed support Standard Rate and Flat Rate Scheme VAT.

For the reasons you suggest Flat rate looks more tax efficient, but also for this reason HMRC are likely to suggest standard rate.

Thanks,

Antony.