Hi, small businesses in the UK have the option to use the flat rate VAT scheme. In summary, you invoice your customers with the standard VAT rate and you pay a fixed percentage of the total of the invoice. VAT on purchases is not recoverable, except for large purchases (over a certain amount).An example to clarify:
Customer invoice for 1000 + 20% vat =1200, recording a profit of 1200.
At the end of the quarter, vat due is 1200 * 13% = 156, recording an expense of 156.
I guess this could be done through a module.
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