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Post Info TOPIC: Missing Receipts - VAT Code


Newbie

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Missing Receipts - VAT Code


Hi all, I have just registered today and I have been searching for an answer to this question.
I am doing the bookkeeping for a small firm and my question is, what tax code in sage do I use when a receipt for a transaction is missing (and is likely to never turn up).
For example, where fuel is bought but not VAT receipt? Do I put it through T1 and zero the VAT because I know that it as a VAT applicable purchase?

2nd scenario is: a guest house for employee travel has been paid for by the business card, but again no receipt is present, in this case I don't even know whether the supplier is VAT registered or not, so also how would this be put on sage. Through T9 as if it is non-vat registered supplier?

I have a few of these transactions to input so any help would be apprectiated as I do not want to have to go back and change them afterwards.

Thank you!


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Expert

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Hi Rosie147

Welcome to the forum. Not been on here long myself but find it extremely informative

My understanding of VAT regulations is that VAT can only be claimed against supplied goods or services if a valid VAT invoice or receipt exist showing the details of the supplier and their VAT registration number.

If you haven't got a receipt or invoice I don't think you can account for it for VAT purposes


Have a look at this page of the HMRC website
http://www.hmrc.gov.uk/vat/managing/reclaiming/vat-receipts.htm

Bill

-- Edited by Wella on Friday 14th of August 2009 11:34:22 AM

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Guru

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I would agree with Wella - you can only reclaim VAT if you have a valid VAT invoice/receipt for your purchase. Therefore no receipt, no VAT reclaim.


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Newbie

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So am I right in thinking that with these transactions, I should put them through the T9 VAT code on sage so they don't appear on the VAT return?

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Senior Member

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Posts: 151
Date:

Hi Rosie 147,

I agree with Philip and Bill as in you can't claim back any VAT without a receipt.  Personally I would post the payments to T0 vat code.

Hope that helps

Angela

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Angela
http://www.bookkeeping-suffolk.co.uk/


Newbie

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Date:

Thank you very much everybody!

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