vat retuen figures - The Book-keepers Forum (UK)

applewood · Member

vat retuen figures

Jymlyn · Senior Member

Welcome to the forum Tks. Your journals are done using T9 code.
Kind regards
Lynda

applewood · Member

Tks Lynda

I have been asking people at ork and they look at me blank.

Kind regards

applewood · Member

Hello
I have just reconciled last month November, but customers have just paid there cheques in december can i still pay these amounts of there accounts even though i have reconciled.

Will this mess up the sage balance in the bank

kind regards

Wendy

Stardoe · Guru

Hi Wendy,

Are you talking about reconciling the bank or the VAT? With either it doesn't matter about the customers paying their cheques in December as long as you date them in December when they were received.

Pauline

applewood · Member

Tks Pauline

I have found that this site has been so helpful

Wendy

applewood · Member

also once i have reconciled sage with the bank statement do i have to print of any reports for the accountant can you help
many tks

Wendy

applewood · Member

can any one give some information on New Builds - If Purchase Invoice comes in do i have to submit the VAT to inland rev or do i leave it off the vat return. As the customers never paid vat as it was a new build

tks

wendy

Wella · Expert

Hi Wendy

My understanding, is, that if a construction company build a new build domestic dwelling for a customer, then the invoice raised by the builder should be zero rated, therefore, should there shouldn't be any VAT on the invoice.

This link is the guide that a self build customer can download from HMRC

http://search2.hmrc.gov.uk/kbroker/hmrc/forms/viewform.jsp?formId=3645

Have a read through the pdf form near the top of the page.

Basically apart from certain white goods being installed into a new build, all labour and materials should be supplied with no VAT. If the customer supplies their own materials, they have to reclaim it back themselves but they cannot claim back VAT on incorrectly issued invoices from contractors.

I think in this case you will have to credit the original invoices and re issue with zero rated VAT

HTH
Bill

-- Edited by Wella on Friday 31st of December 2010 05:16:50 PM

Peasie · Expert

I'm not sure she's talking about a sales invoice. I think she maybe talking about the VAT on purchase invoices. Is the construction company able to use this VAT on their return even though the final product is zero rated?

My own head says the answer is yes but as usual I'd wait until someone with more knowledge of VAT comes along to confirm or rubbish this.

Wella · Expert

Hi Peasie

If it is a purchase invoice for materials, or subcontracted labour then it should be reclaimed as normal, otherwise they will be out of pocket by the amount paid on the purchase invoice. Even then a sub contractor working on a new build should invoice the main contractor at zero rate.

Building trades are one of those tricky VAT areas that gets a special mention on the HMRC website.

http://www.hmrc.gov.uk/vat/sectors/builders/new-houses.htm

Bill

applewood · Member

Hello

In sage when i change T1 to 20% the new vat. I would like to keep a T number for 17.5% what one should i change for this

tks

applewood · Member

Hello Pauline

I have a tricky one here hope you can help. Before i joined the company they did they wages manually, and i have been putting them on sage payrol, but have had to go back to April to enter all employees history so when i do the reports they will be correct (well thats the idea anyway).

I have created a spreadsheet because when entering on sage payrol there has been a slight difference in tax and ni, so i will have to do a adjust at the end.

Do i keep the tax and ni separate or can i take the difference from the total pay.

Some advise on this matter would be great/helpful.

Kind regards (luv the cat by the way)

Wendy

Stardoe · Guru

Hi Wendy,

Not quite sure what you mean by "keep the tax and ni separate"? Could you explain a little more?

I have used T6 for the old 17.5% tax code, you could use T3, but I still have that for 15% just incase there should be some crop up (not likely, but hedging my bets!)

Thanks for the comments on the cat....her name is Kimmi

Pauline

applewood · Member

Hi Pauline

Well Sage payrol wanted me to list the difference from the manual wages and the wages that went on computer so the NI and the tax are slightly out. so i will have to do a adjustment so not sure if i can add it together or not - sorry if do not make sense i sometimes find it difficult to understand myself

tks

Wendy