VAT On an invoice??

[kamran(iBytes)]

Hi Everyone,

I am new to this forum and have just opened my own IT Business. Sorry in advance if i ask something really stupid...

I have purchased some computer equipment to supply to a client. I was charged VAT, but I am not VAT registered. I am a LTD company. I understand that i can not claim VAT back and cannot charge VAT.
So i have 2 questions with regard to this
1stly: If i buy something for £100 + Vat can i charge £117.5 plus my mark up??? Without showing any VAT amount??
2ndly: On the invoice is it OK to put VAT down as 0??? If not is there software that can invoice without any VAT reference??

I am soooo sorry if this has already been answered. Can't seem to find it.

Thanks in advance.
Kam

 

[bovine]

on your 1st, you can charge whatever you want. Your cost price is 117.5 and you can make as much on that as you can/want.

You dont make any reference to VAT on your invoice. Not sure about which packages will print invoices without vat imagine most will, I would expect there to be a flag in the settings.

 

[kamran(iBytes)]

HI Bovine,

Thanks for that. For the 1st question i figured that was the answer..just didn't want to do anything that might land me in trouble...like some rule about charging hidden VAT..
Also i have looked at sage instant accounts...all the invoices and quotes have a reference to VAT, even though it will be charged at 0%.

Same thing with Solar accounts. You can't turn off the ref to VAT...you just put it to 0%

Does that matter...or does anyone know of any software that i can actually turn off VAT fields???

Thanks in advance

Kam

 

[David Griffiths]

You can set the VAT rates to 0% and in Sage you can edit the invoice layout to exclude any reference to VAT. Not sure if you can do that with Solar

 

[MyAccountantOnline]

HI Bovine,

Thanks for that. For the 1st question i figured that was the answer..just didn't want to do anything that might land me in trouble...like some rule about charging hidden VAT..
Also i have looked at sage instant accounts...all the invoices and quotes have a reference to VAT, even though it will be charged at 0%.

Same thing with Solar accounts. You can't turn off the ref to VAT...you just put it to 0%

Does that matter...or does anyone know of any software that i can actually turn off VAT fields???

Thanks in advance

Kam

Kam

I just did a quick search on Solar and found this -

http://www.solaraccounts.co.uk/forum/topic.php?TopicId=27&Posts=0

Solar are extremly good at incorporating users suggestions into updates so it may be that this has now changed. It would be worth asking them direct.

Do just remember to keep track of your turnover and make sure you register when/if you need to.Bear in mind you can make a voluntary VAT registration if you want to - this can be worthwhile if you sell mainly to VAT registered customers.

 

[johndon68]

You can edit the invoice layout in Sage to remove all traces of VAT.

John

 

[sanjiv]

I use VT Transaction. It doesn't show VAT on there.
If you want an online solution to use in conjunction with an already running accounting package, take a look at bambooinvoice. If you need help installing, just send me a PM.

 

[kamran(iBytes)]

Hi thanks for the help.

I did contact Solar Accounts but they said that the invoice still can't be editied. But i do like the software as it is fairly easy to use.

Sage is way to complicated for me....even though i can edit the invoice.

Typical..it's either one or the other.

I am just trialing out VT Transaction+ now.

Will keep you updated

 

[David Richards]

Same thing with Solar accounts. You can't turn off the ref to VAT...you just put it to 0%

Does that matter...or does anyone know of any software that i can actually turn off VAT fields???

I'll make an unashamed plug for our software FirstBooks. If you tell the program you're not VAT registered, it won't print anything to do with VAT on the invoice.

FirstBooks is based on our free software TAS Basics, which you can download today and try out to see if you like the 'feel' of it.

 

[kamran(iBytes)]

HI David,

Thanks for this. I will download the free version to get a feel.

Can you tell me what are the main differences between the free and paid version?? Just so that i understand when trialling it.

Thanks

 

[elaine@cheapaccounting]

Can you tell me what are the main differences between the free and paid version??

A payment

 

[David Richards]

HI David,

Thanks for this. I will download the free version to get a feel.

Can you tell me what are the main differences between the free and paid version?? Just so that i understand when trialling it.

Thanks

No problem. The free TASBasics does all your basic bookkeeping (e.g. customer/supplier ledger) and more, but doesn't include things like printing off customer invoices.

FirstBooks adds things such as printed invoices (along with quotes, proforma and credit notes), product records, ePayments, Excel integrated reporting and online VAT filing (should you later become VAT registered) plus the option of payroll and processing card payments.

 

[kamran(iBytes)]

Hi David,

Thanks..will let you know how i get on.
Elaine....top answer.....loads of thanks to you

Kam

 

[elaine@cheapaccounting]

.
Elaine....top answer.....loads of thanks to you

Kam

I am the World Champion in stating the obvious