Version 5.6 of Earnings Tracker will be released in August 2009.
- Users can now generate comma separated values (csv) files from reports.
- Bank Interest is now included in the VAT Flat Rate Scheme calculation.
- An option is now available to include ‘other revenue’ in the VAT Flat Rate Scheme calculation.
In April, the HM Customs & Excise stated that bank interest should be included as income for the purpose of the VAT Flat Rate Scheme calculation. Here is an extract:
|6.2 What must I include in my flat rate
Your flat rate turnover is all the supplies your business makes, including VAT. This means all of the following:
• the value of exempt supplies, such as any rental income, bank interest on a business account or lottery commission.
For this reason, we have decided to update Earnings Tracker and include bank interest in the calculation.
We have also added a check box when adding or editing monthly bookkeeping figures, enabling ‘other revenue’ to be either included in or excluded from the VAT Flat Rate Scheme calculation.