Working with Value Added Tax (VAT)

When you enter a sales amount into MyBookkeepingManager, you enter the net amount (before VAT is added). The MyBookkeepingManager bookkeeping software then calculates the amount of VAT to be added.

The software can also calculate how much VAT is payable to Customs & Excise if you are working through the VAT Flat Rate Scheme (FRS).

How does the VAT Flat Rate Scheme work?

A detailed example of how the VAT Flat Rate Scheme works is given here.

You can set up MyBookkeepingManager to handle VAT whether or not you are using the VAT FRS.

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