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Post Info TOPIC: VAT - partial exemption


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VAT - partial exemption


Morning

I just wondered whether anybody knows how to set Sage up so that you it can work out the partial exemption aspect for a VAT return.  I know it can be done if you just set up the different tax codes ie. using T13 and T15 but has anyone used it and understood it.

Many thanks

Chop

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Newbie

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Date:

I did this by setting up the new tax codes in configuration - t13 overheads and t15 exempt transactions (they would be set as 17.5%) so t15 is for supplier invoices where vat is charged but for goods and services that would be exempt and t13 again overheads where vat is charged but would be overheads in the p/exemption calculation.

The only usefulness of this is that when you print the vat print out at the end of a quarter it totals up everything easily so that when you come to do the calculation (i use an online calculator for this - below) you just put in the totals in the relevant boxes and it totals it all up for you and tells you if you are within de minimus or not and what you need to claim

http://www.saffery.com/xls/partial_exemption_calculator_2010.xls

My problem now is making the adjustments in sage when you find you are not within de minimus - if anyone can help with the journals for this i'd be grateful!

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