- Original Poster
- #1
I've been using TAS basics since the start of the calendar year when our business was formed. Until the 1st if June we were not registered for VAT - so invoices issued/received never showed any VAT analysis at all (N in the rate dropdown). This seems to be the default behaviour of the software.
From 1st June we are registered for VAT on the FRS. I have set the Company Preferences to show this. So invoices from this date now show VAT analysis. So far quite straightforward.
My question is we got quite a sizeable VAT refund for VAT paid prior to registration (mainly on stock still held at time of registration). So how should I account for this in TAS - should I be going back and putting in a VAT line into the analysis of pre-registration invoices?? This will be time consuming and also I think not possible for previous tax year.
Or is it okay just to record it as a refund and leave it at that? Is this going to be problematic when it comes to doing tax returns? Apologies for my ignorance, I'm learning as I go!
From 1st June we are registered for VAT on the FRS. I have set the Company Preferences to show this. So invoices from this date now show VAT analysis. So far quite straightforward.
My question is we got quite a sizeable VAT refund for VAT paid prior to registration (mainly on stock still held at time of registration). So how should I account for this in TAS - should I be going back and putting in a VAT line into the analysis of pre-registration invoices?? This will be time consuming and also I think not possible for previous tax year.
Or is it okay just to record it as a refund and leave it at that? Is this going to be problematic when it comes to doing tax returns? Apologies for my ignorance, I'm learning as I go!
