Hi,
My VAT 100 or other VAT reports do not show the correct amounts. The net value of sales is right but the VAT portion is not and it is the same with purchases. Any ideas please? Perhaps I should be more explicit. My VAT 100 report shows net purchases of £ 4,717.80 which is correct but the box 4 sum of VAT reclaimed shows as £692.68 which is not 17.5% on the £4,717,80. When I go to the VAT detail report, the total VAT does indeed add up to £692.98. Hope this helps for replies.
ken
Why should it be 17.5% What about the transactions with no VAT?
Thanks for your reply Peter. I do indeed see the one transaction with no VAT which is the difference but will the VAT man not query the total purchases and expect to see VAT for this?
ken
No.
They don't think that all inputs are VATable at 17.5%. They also don't think that all suppliers are VAT registered.
Right, panic over Peter. Thanks so much
Have something to add? Share your thoughts — no account required.
Ask the community — no account required