DISCLAIMER
The team at Link My Books are happy to provide users with technical assistance in applying tax rules to their Link My Books setup. We are not Tax Advisors and so our advice and suggestions on the application of tax rules cannot be construed as tax advice. We highly recommend that users seek advice from qualified accountants for their tax compliance.
The short answer to this is yes 😁
The Flat Rate VAT scheme is actually accounted for within your Xero or QuickBooks account, so you'll need to make sure it's turned on there rather than entering the flat rate percentage within Link My Books.
Here are some links to how to set this up in Xero and QuickBooks.
On Link My Books complete the Accounts and Taxes Wizard using the defaults for sales and for reverse charge fees, and then your Xero/QuickBooks software will calculate your flat rate VAT based on the percentage settings you have added. (Fees where 20% VAT on expenses would normally be applied should be set to NO VAT for the flat rate scheme)
If you are unsure about accounting for the flat rate scheme please speak to your accountant.
If you have any questions about this article or feedback on how we could make it better please reach out to the support team via the blue chat icon on the bottom right of the page or via email to [email protected].