Hi, it would be useful to have a move-to-pot percentage that is useful for VAT purposes. At the moment I use the 20% amount to do this but this is wrong.
I bill client £8333.33 which, plus VAT, is £10,000.
£10,000 arrives in my account and 20% is put in VAT pot. So now I have £8000 in my business account and £2000 in my VAT pot. This is because £10,000 is 120% of the cost of the work, not 100%.
There needs to be a 16.6% option for easy VAT calculations. Or you’ll have a lot of people wondering where that £333.33 has gone…