Follow up question
“You need to use the standard VAT codes on the actual transactions even though you've set up the Flat Rate Scheme (FRS). QuickBooks will do the calculation for you on the VAT return for the FRS.”
I know that when i run my VAT return report in quickbooks the correct % will be calculated.
But what if I would like to run a profit/loss report for the my income tax. (If I ran the P/L between April 6th 2021-April 5th 2022) to use those figures to submit to HMRC for my income tax, the expense figures will be incorrect for that. It would show less than Iv actually paid. (Because it would be excluding VAT that it’s assumed will be claimed back, which it isn’t due to the FRS)
