Hi All,
Hopefully someone can help who are in a similar situation.
We are UK VAT registered and under the Flat Rate Scheme of 7.5%..but cannot claim back any VAT.
As you know Amazon moved their invoicing only business to the UK so we are now paying VAT on their fulfilment and selling fees. Doing the calcs it is now time to move to the 20% rate so we can reclaim VAT . Works out about the same in yearly HMRC VAT but now means we do not have a turnover threshold to adhere to.
My question is ; We use Clearbooks for VAT returns. Always been a doddle with the Flat Rate scheme but absolutely no idea how to claim back vat on fees. We have found the area to download weekly VAT charges to Excel.
If any business on here uses Quickbooks, Clearbooks etc, if you could point us in th eright direction on how we reclaim VAT on fees it would be amazingly helpful.
Apologies. We have been Flat Rate since we started 11 years ago so this really is teaching an old dog new tricks!
