Home » Categories » Multiple Categories |
VAT Adjustments - Partial VAT Exemption Scheme |
Article Number: 2211 | Rating: Unrated | Last Updated: Mon, Jun 12, 2023 at 2:20 PM
|
Partial VAT Exemption Scheme (VAT Notice 706) A business is partially exempt if it makes, or intends to make, both taxable and exempt supplies and incurs tax on costs that relate to both. If your business is partially exempt, then you may not be able to recover all your Input VAT.
To adjust your VAT return to reduce the amount of Input VAT that can be reclaimed you can post a Cashbook Payment.
![]() As per the screenshot above, post the Cashbook Payment using your Contra Adjustments account and set the total payment value as 0. For line 1 select your Non-Reclaimable VAT expense account and enter the net amount as the amount of VAT that cannot be reclaimed, leave the VAT code and VAT amount blank. For line 2 select your Non-Reclaimable VAT expense account again, leave the net amount as zero, enter your standard rate VAT code, and enter the VAT that cannot be reclaimed as a negative value.
|
Attachments
![]() There are no attachments for this article.
|
Save Statement Balance to Account / Transactions
Viewed 2001 times since Fri, Oct 26, 2012
Alternate ‘Reference’ Label for Receipt / Payment Entry
Viewed 83 times since Thu, Jan 2, 2025
Automatic Bank Reconciliation - View Bank Journal
Viewed 134 times since Wed, Oct 16, 2024
Post Bank Charges - Cashbook
Viewed 2176 times since Wed, Jun 27, 2012
System Profiles Screen 1
Viewed 1840 times since Mon, Jul 2, 2012
Sub-Contractor Accessory
Viewed 2031 times since Mon, Jul 2, 2012
Second Stock Group Matrix Entries
Viewed 2194 times since Fri, May 27, 2016
DELETE - Delete an Account - Nominal
Viewed 2548 times since Wed, Jun 27, 2012
Bank Reconciliation – Default Date for New Transactions
Viewed 1130 times since Wed, Jun 13, 2012
Set Current Period - Cashbook
Viewed 1486 times since Wed, Jun 27, 2012
|