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The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Keying 50% VAT in sage on car lease
Post Info TOPIC: Keying 50% VAT in sage on car lease
Worpet


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Keying 50% VAT in sage on car lease
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Hi peeps, I hope someone can help. I've been working for a company since January, but never actually done any form of bookkeeping training. I've been looking back on some things getting ready for the year end and have noticed (after reading about VAT do's and dont's) that it looks as if all the VAT is being put on (and claimed back) for car leases. I'm not sure how I would key 50% of the VAT onto sage.....anyone????



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Bucks Bodger


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Hi

You just increase the net value of the lease by 50% of the VAT, and change the VAT figure to 50% of what it was originally.

So, for instance, if the invoice reads £200 plus £40.00 VAT, you would enter a net value of £220, plus VAT of £20.00.

Hope that helps.

Eunice

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Eunice Cubbage
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