Proforma invoice - or do I need an actual invoice?
No invoice held but I do have a Sales order, which shows the VAT breakdown - can I use?
A purchase invoice, which shows a breakdown for VAT but does not show the Supplier's VAT number
(2) I have an invoice which shows VAT but when the Supplier took the payment from my customer (by debit card) he did not add include it, only taking the Net figure. How should I enter this in the books - ignore the VAT, or key it correctly leaving a balance owing to the Supplier? If the supplier doesnt claim it by the year end - how would I clear this small amount owing?
(3) The Director bought various items before the Ltd company was incorporated - can I account for VAT for any invoices obgviously for the business not in the company name?
(4) As above - but the Director is paying them from his personal account (eg leased a laptop and printer) - I am planning on putting the full amount through as a Director's loan - can I claim the VAT back on the contract?
Hope someone can help.
Thanks
Chesh
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
You should read HMRC Notices 700/15, and 700, chapters 10 & 11. (And, I have just written a VAT Digest on Input Tax for Bloomsbury Publishers; PM me, and I can send you a copy.)
1. for evidence, you do need a VAT Invoice. Strictly, Pro-forma invoices and other documents are insufficient. However, HMRC have a concession whereby, if you do not have an invoice, you can still claim input tax if you have alternative evidence.
2. where the supplier took a lesser amount the VAT should be calculated by taking the same proportion of the amount paid.
3. Pre-incorporation VAT can only be claimed subject to certain conditions and time limits. If the items are goods, they must be in stock at registration for VAT, and bought no longer than 4 years prior to then; if they are services, they must be for the businesss then registered, and must be no longer than 6 months before registration.
4. The question for the lease of laptop and printer is whether they were leased for the business, not just for the individual. If they were leased for the business, then the VAT can be claimed, again subject to the time limits above.
(I hope that gives you some answer. These questions are quite common for start-ups, and you would do well to retain some basic notes as to how clients can claim VAT in such circumstances.)
You click on the userid and then click send email.
The send email option is only available if you allow it via your account settings.
one of the settings is email visible to other members. Against that one if you choose, "No, accept email anonymously" you can receive messages without you email being displayed.
The only issue with going offline with subjects is that it benefits only the poster and not the wider site community.
I think that most of the regular posters restrict offline correspondence to only things that should not be relayed on a public forum.
HTH,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
