VAT Schemes
Brightpearl can be set up for:
- Cash based and Standard VAT schemes in the UK. The only information that this will affect is the production of the quarterly VAT return. Data is stored in the same way for both VAT schemes.
- Flat Rate VAT scheme in the UK (FRV). For more details on the Flat Rate scheme, see the HMRC information.
The choice of Standard or Cash based does not affect your day-to-day transactions; it only affects what is shown on the VAT return. Since Brightpearl uses transaction based VAT reconciliation (rather than period-based), changing between Cash based or Standard based VAT is easy to manage.
