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.
|
Transaction / Detail Enquiries
Viewed 13480 times since Mon, Jul 2, 2012
Alternate ‘Reference’ Label for Receipt / Payment Entry
Viewed 42 times since Thu, Jan 2, 2025
Financial Summaries - Additional Calculation Options
Viewed 1329 times since Wed, Jun 13, 2012
Add Debtor / Creditor Control Memo from Ledger Enquiry
Viewed 4193 times since Fri, Jun 8, 2012
Amend Status Flags - Purchase Ledger
Viewed 1767 times since Mon, Jul 2, 2012
Year End Reports
Viewed 1950 times since Mon, Jul 2, 2012
Reprint Period Invoices
Viewed 1973 times since Mon, Jul 2, 2012
Record Statement Dates on Account (S/L Only)
Viewed 1931 times since Wed, Jun 13, 2012
Payments with Remittance Advice - Cashbook
Viewed 7097 times since Wed, Jun 27, 2012
Maintain Chart of Accounts - Nominal
Viewed 1495 times since Thu, Jun 28, 2012
|