VAT receipt question

[Ian Shorrocks]

Hi all. I have just recently set up a Health and Safety Consultancy and Training company and registered for VAT.

As I was going through my receipts and logging them in to my spreadsheet, I noticed that the VAT on the receipts didn't match my calculations. I'm not just talking about the odd penny, but several pounds in some cases.

I know some items are exempt of tax, such as safetywear etc but the differences on other receipts are quite different, specifically fuel VAT.

The rate on the receipts shows as 20%.

Am I missing something here? And am I going to have to enter all amounts manually without a calculation tool.

Thanks in advance.

Ian

 

[Scalloway]

Remember that if you are taking the gross figure VAT is 1/6 of the gross.

 

[Ian Shorrocks]

DOH!!!!!!!!!!! Thanks. What a muppet. I was trying to be clever with my spreadsheets.

 

[faradaykeynes]

Also its much better to use FREE online best software called Quick File instead of excel sheets, it can handle all your income and expenses recording, vat any much more

 

[Ian Shorrocks]

Also its much better to use FREE online best software called Quick File instead of excel sheets, it can handle all your income and expenses recording, vat any much more

Thanks faradaykeynes, looked at lots of stuff just don't know which to use. Tried quickbooks but not very good and customer support was awful. I will give quickfile a go. Thankyou

 

[faradaykeynes]

I think you typed in the wrong thread, anyhow here is link to your problem https://www.blueclaw.co.uk/blog/2012/02/17/configuring-vat-tax-rules-for-the-uk-in-magento/

 

[Newchodge]

If you are VAT registered and can claim back VAT you have paid out, you need to make sure that you have a VAT invoice. This will have the supplier's VAT number on it. Many of the automatic till receipts that you get are not VAT receipts and may not be accepted by HMRC if they inspect your VAT records.