Another question I hope somebody can help me with.

I changed from the VAT Flat Rate Scheme back to the normal VAT scheme.
At the end of the year, I have a difference in the amount paid to HMRC
than the amount DUE to be paid (as in due I mean calculated by normal
input / output VAT difference). I am wondering how to account for this
at the end of the year.

I have been told to debit / credit the VAT liability account and
debit / credit a Miscellaneous Income account which I've done. I'm
just wanting to make sure that this is correct and I can simply
account for it at the end of the year by putting some notes into my
accounts with the details of the transaction differences.

Anybody help?

On 19 Dec, 14:34, "desperad...@googlemail.com"
 wrote:
> Another question I hope somebody can help me with.
>
> I changed from the VAT Flat Rate Scheme back to the normal VAT scheme.
> At the end of the year, I have a difference in the amount paid to HMRC
> than the amount DUE to be paid (as in due I mean calculated by normal
> input / output VAT difference). I am wondering how to account for this
> at the end of the year.
>
> I have been told to debit / credit the VAT liability account and
> debit / credit a Miscellaneous Income account which I've done. I'm
> just wanting to make sure that this is correct and I can simply
> account for it at the end of the year by putting some notes into my
> accounts with the details of the transaction differences.
>
> Anybody help?

I should have said that the amount has actually ended up being a
negative amount so is therefore an expense rather than an income.
Would I just include it with my normal expenses and as I said put a
note in to explain how the amount was generated?