simple spreadsheet for flat rate vat accounting

JohnDeere8530

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not sure if this is posted in the right place or not.

My g/f has started contracting and needs to keep very simple records of income and expenses. She is under the flat rate scheme. Anyone know of any links to a very simple spreadsheet so she can keep a record for the accountant. I would make one myself but am not really sure what she needs to record

I thinking

net income
vat charged

expenses

net cost of expense
vat element if any

then monthly vat payable (14% flat rate) on gross income ?

I guess its more complicated than this, anyone any pearls of wisdom ?

Thanks
 

Piff

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Different expenses probably need separate columns
I separate mine as follows:-

VAT element
Materials
Plant Hire
Plant/Tool Purchase
Office Equipment
Labour only sub-contractor
Subcontractor
Vehicle expense
Telephone
Wages
Stationery/postage/advertising
Sundry expenses
Accountancy
Bank charges & interest
Insurances
Legal & professional
Subscriptions
VAT payments

These headings were agreed with my accountant about 25 years ago, he hasn't asked for any modifications since.
 

isleaiw

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not sure if this is posted in the right place or not.

My g/f has started contracting and needs to keep very simple records of income and expenses. She is under the flat rate scheme. Anyone know of any links to a very simple spreadsheet so she can keep a record for the accountant. I would make one myself but am not really sure what she needs to record

I thinking

net income
vat charged

expenses

net cost of expense
vat element if any

then monthly vat payable (14% flat rate) on gross income ?

I guess its more complicated than this, anyone any pearls of wisdom ?

Thanks
I am a contractor and an accountant - it really is that simple!

for VAT she just needs to record the sales value and the VAT charged and the dates.

for her accounts it is just a case of keeping a record of what has been spent on what (so I use a spreadhseet with a total column and then analysis columns for the key types of cost i incur (record value in total and the analysis column and have an "Other" column at the end for other things and type next to it what it is).

you dont actually need to keep a record of Vat on inputs on flat rate scheme but accountant may want to see it to decide if that scheme continues to be best for her.

She will also have to record business mileage on a mileage log (date, from, to, reason, miles (return)) to claim back from the business to herself.

The alternative is to use an unbrella company and pay a fee - you make a bit less but have a whole lot less hassle!

KR
Ian
 

Harrythedog

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On the flat rate scheme all you'll need to do is keep a record of your total sales (inc vat) only and at the end of your VAT period you pay the vat man 14% of that total.

Unless she's making single purchases of £2k+ then she can't claim any vat back so don't worry about the vat element of those purchases, just treat the whole amount as an expense
 
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JohnDeere8530

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Thankyou kind sirs, this kind of makes sense to me. I dont suppose any of you have a sample spreadsheet I could take a look at please ?

Thanks muchly

Paul
 

pjs

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I'm not much of a VAT expert but SWMBO went flat rate last year - You also get a 1% disocunt in the first year. It is really simple, in that each quarter I do it for her. You simply need to record the total of what comes in/out - none of the detail, unless there is shipping of stuff to non eu countrys and the like.
 

SL300-24

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Take a look at Quickbooks, easy to use.....
 
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JohnDeere8530

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thanks for the answers so far, has anyone seen a sample snapshot of a spreadsheet so I could get some idea of the layout please ?
 

Harrythedog

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Loads of cheap Accs software on EBay
 

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