If you use T1 you must have a VAT receipt and make sure the correct VAT shows in the tax column. If T0 (either no receipt or receipt without VAT) then no tax should show in the tax column
You don't always have to have the vat separated -a receipt under £100 does not have to have the vat element shown-as long as the vat number is shown you can still claim the vat, if you put the gross in the amount box then tab over to the vat box and press F9 it will calculate the vat for you
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You don't always have to have the vat separated -a receipt under £100 does not have to have the vat element shown-as long as the vat number is shown you can still claim the vat, if you put the gross in the amount box then tab over to the vat box and press F9 it will calculate the vat for you
It also needs to state the value of goods that have VAT on them and at what rate it was charged.
For example you can't take an "inclusive of VAT receipt" and reclaim the vat, just because it is under £100 and has a VAT number on it, if it is for food as that has £0 vat on the vat inclusive price.
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It also needs to state the value of goods that have VAT on them and at what rate it was charged.
For example you can't take an "inclusive of VAT receipt" and reclaim the vat, just because it is under £100 and has a VAT number on it, if it is for food as that has £0 vat on the vat inclusive price.
so are you saying that -take a typical example- a builder gets lots of supplies from B&Q , he is Vat registered and must request a full Vat receipt for every transaction-B&Q don't show the Vat on their receipts?
It is our knowledge in accounts that tells us what we can and cant claim back i.e. food is not reclaimable but fuel is with or without a full Vat breakdown
It also needs to state the value of goods that have VAT on them and at what rate it was charged.
For example you can't take an "inclusive of VAT receipt" and reclaim the vat, just because it is under £100 and has a VAT number on it, if it is for food as that has £0 vat on the vat inclusive price.
so are you saying that -take a typical example- a builder gets lots of supplies from B&Q , he is Vat registered and must request a full Vat receipt for every transaction-B&Q don't show the Vat on their receipts?
It is our knowledge in accounts that tells us what we can and cant claim back i.e. food is not reclaimable but fuel is with or without a full Vat breakdown
It was inaccurate of me to say the rate must be stated, the rate needs to be "identifiable".
For just about anything Sage :- switch to renting, pay-as-you-go sage support, sagecover, upgrades, application integration, reports, layouts, analysis or any other help making life with sage easier/less time consuming Contact me.
Just out of interest - B&Q do provide till receipts splitting out the VAT if your trader pays for goods at the Trade Counter in the store, otherwise they will get a standard customer receipt which doesnt split it out!
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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
B&Q was merely an example ad i had one on my desk at the time-Asda etc are all the same unless you specifically ask for a detailed one which isnt necessary under the £250 limit
