The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> T2 or T9 for residential rental income
Post Info TOPIC: T2 or T9 for residential rental income
sarahleighton


Veteran Member

Status: Offline
Posts: 26
Date:
T2 or T9 for residential rental income
Permalink Closed

One of my clients has recently started letting out a residential flat above his office.  I phoned the VAT Office yesterday and confirmed that this income is exempt of VAT - but which code do I use in SAGE - T2 or T9?

Using T2 includes this amount in box 6 so when grossed up gives an inaccurate VAT figure for box 1.  Using T9 does not include this figure - but which is the correct code to use

Many thanks

Sarah



__________________

Follow me on Twitter: http://twitter.com/sarleighton

or see my website at: http://slbookkeeping.co.uk
Bucks Bodger


Senior Member

Status: Offline
Posts: 206
Date:
Permalink Closed

If he definitely said it's exepmt, it's T2, assuming you have the default setting in Sage.

T9 is for things which are outside the scope of VAT, which isn't the same as exepmt.

The fact that the output tax figure is not 20% of the sales figure is irrelevant, there are circumstances where
it won't be (like this one).



__________________

Eunice Cubbage
sarahleighton


Veteran Member

Status: Offline
Posts: 26
Date:
Permalink Closed

Many thanks for your response. I have used T2 but just wanted to check - you know how it is when something starts praying on your mind - it's better to check it out!

__________________

Follow me on Twitter: http://twitter.com/sarleighton

or see my website at: http://slbookkeeping.co.uk
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> T2 or T9 for residential rental income
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About