xero adjust flat rate vat returnxero adjust flat rate vat return

So I should post invoices received from EC Suppliers with VAT Code Zero Rated Expenses as I would for invoices from non-EC Suppliers? Armstrong Watson is a trading style of Armstrong Watson LLP, Armstrong Watson Audit Limited and Armstrong Watson for more information on creating VAT rates. - if this client is permanently on the 16.5% rate they are almost certainly better of swapping to normal vat unless their expenses are almost non existent or they hate the other way of working out vat. I have a client who is registered on the flat rate scheme for VAT. You cam leave the FRS whenever you want. However, It appears that may not be the correct thing to do. By using xero.com, you accept our cookie notice terms. That's what the bit of the manual you quoted says, a retrospective withdrawal should be refused when the date requested falls within a return period that has already been filed. Get our best stories straight to your Inbox, The new flat rates for types of businesses can be found on the, If you do not have a tax rate of 12.5%, you can easily create one. Use our flat rate Making Tax Digital (MTD) VAT return if you're on a VAT flat rate scheme. Xero displays filed returns under the Filed with HMRC tab and shows the return as Pending. This is because the amount that needs to be entered into box 6 depends on which VAT scheme youre using. 30% of an assessment if HMRC sends you one thats too low and you do not tell them its wrong within 30 days. This will help HMRC calculate your Monthly Postponed Import VAT Statement (MPIVS), which will be available in your HMRC portal. Flat rate and old non-MTD VAT Returns will not have PVA functionality. Its a faster and more efficient way to complete your VAT Returns, and means you wont have to pay your VAT upfront and recover it at a later date, which will help you manage your cash flow. Ta all. office is 15 Victoria Place, Carlisle, CA1 1EW. Enter the flat rate percentage which applies to your business. Financial Education & Wellbeing Programme, Xero User News - End of HMRCs MTD soft landing period. 2023 Xero Limited. Your email address will not be published. Despite our best efforts, mistakes can happen. Don't invite HMRC letters. Tide is also authorised and regulated by the Financial Conduct Authority in relation to its credit and insurance broking activities (firm reference 718743). Check out our guide to VAT rules and rates on exports . Are below the net error reporting threshold of 10,000. Notice 735 Top Tip: Before you continue, its important that you understand the fundamentals of VAT, which you can learn about in our guide to everything you need to know about VAT . Click the File VAT Now button at the bottom of your VAT Return. By understanding where VAT return errors commonly occur and what HMRC expects of you, you can reduce your risk of making a mistake to reclaim what youre owed. The VAT Flat Rate Scheme is an alternative way for small businesses to calculate VAT due to HMRC. Theres a few changes to your VAT rates required so please take care to check with your accountant to ensure you know the rules, such as the VAT reporting requirements you need to be mindful of if you switch mid-quarter etc., and then switch on the FRS from the Financial Settings page in Xero. Tide offers bank accounts provided by ClearBank Ltd (ClearBank) (account sort code is 04-06-05). PVA is quite a complex topic. Must admit as 50 something my brain has been somewhat bashed by all these changes recently - so apologies if i am wrong and you are right Viciuno. HMRC expects to see detailed mileage records to support a claim, unless records are too difficult to maintain, in which case youre able to pay a scale charge as output tax to account for fuel youve used for personal travel. I would go along with that. Other items have a reduced-rate (5%) or a zero rate of VAT but are still considered taxable and therefore must be included in your VAT returns. Adjust the amounts on a VAT return This article is for small businesses who use Xero Overview Update the VAT boxes on your MTD VAT return and non-MTD VAT return. Find out why 3.5 million subscribers locally and across the world trust Xero with their numbers. Your email address will not be published. The Flat Rate VAT return in Xero doesn't support Domestic Reverse Charge (DRC), so transactions need to be manually added using the reverse charge provision. His employer are now not paying the VAT on his invoices and paying them directly to HMRC. Is this correct - i thought it was simply the case that such sales were excluded from the the flat rate scheme in which case normal reverse charge rules would apply (ie no output vat and value of sale being included in box 6) . https://www.gov.uk/guidance/vat-reduced-rate-for-hospitality-holiday-accommodation-and-attractions#accounting-for-supplies-that-straddle-the-temporary-reduced-rate. With this scheme you pay HMRC a fixed rate of VAT, based on your sales, and do not claim back VAT on your individual purchases. You should also include the value, excluding VAT, of any supplies accounted for outside the flat rate scheme, such as the sale of any capital goods on which you have reclaimed input VAT, and reverse charge transactions. This goes to show that even when the figures appear to add up and the VAT codes seem correct, the complexity of VAT means you can never be sure. is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business If you have any questions or need support, dont hesitate to reach out to our support team who are available 24/7. ". This walkthrough guides you As an aside, don't see how the FRS % can be "too high". When making an adjustment, HMRC also asks that you: If your error does not meet the adjustment conditions, you need to report it to HMRC by completing form VAT652 and sending it to the VAT Error Correction Team. Are you aware of this fact - ie the 16.5% is clauclated on gross vat inclusive sales not net sales. Apologies if any of above is wrong peeps. The new rate should be used instead of the 5% reduced rate that is in effect until 30 September 2021. Top Tip: If your business exports goods and services, its important you learn how export VAT is charged in the EU and the rest of the world. We have developed a PVA update in Xero. Apply a Postponed VAT Accounting (PVA) adjustment. Your email address will not be published. Visit our dedicated site for more resources, webinars and updates to help you navigate the COVID-19 pandemic. Similarly, HMRC doesnt allow VAT to be recovered on the purchase of a car unless you can prove that it will be used exclusively for business reasons. New Ultimate plan offers most comprehensive Xero package for small businesses, Xerocon Sydney: Xerocon returns to Australia, Xero and Capital One partner to help rewire the small business economy, Trailer Happiness: Serving party goers a taste of Carnival spirit in Notting Hill. have a UK business that is registered for VAT, import business goods to the UK valued at more than 135 (exclusive of VAT), elect to use PVA on the customs declaration, use your own VAT registration and EORI numbers on the customs declaration, We have developed a PVA update in Xero. "As outside the scope they have, by definition, not been "accounted for" They mean accounted for as a VAT entry.". Instead, the VAT due on imports should be added to box 1 of the VAT Return after the flat rate calculation has been completed. Im still confused.have all my products from europe set up as 20%vat from eu.do i change them all to no vat as my chinese imported goods? About adjusting your VAT return Adjust the VAT box amount only Adjust the VAT box amount by adding an accounting transaction It will be released well before you need to deal with your first VAT Return in the new year. Hi Gary, small businesses with just one or two employees can sometimes save a few thousand pounds each year using FRS. Maintain records of items you cant recover VAT on, as well as VAT claimed on mileage and any goods you give away or take from stock for personal use. However, the general rule of thumb is no evidence = no claim. You can find a full list of UK VAT rates on different goods and services on the GOV.UK website. Top Tip: Making Tax Digital is designed to reduce the risk of human error in VAT and tax returns. . Hi Teresa, thank you so much for getting in touch. I have never bought goods from outside the EU so have no experience of this. ASE Professional Services is a trading style of Armstrong Watson Audit Limited and Armstrong Watson LLP. The registered To reclaim VAT on any business expense, you must provide evidence in the form of a VAT invoice. Photo by Kate Oseen, published on Unsplash. I can see how having this additional option and functionality would be helpful for you and your business. You can't rejoin the scheme for 12 months if you leave, https://www.gov.uk/vat-flat-rate-scheme/join-or-leave-the-scheme, Interesting use of words here by hmrc in the linked manual, "You should normally refuse an earlier date where the business has already calculated its VAT liability for the period(s) using the FRS accounting method. If you do not have a tax rate of 12.5%, you can easily create one. This ensures the postponed VAT amounts required by HMRC are handled correctly. If you haven't moved to MTD for VAT, check your VAT transactions, then export your VAT return to file outside of Xero. The changes associated with Brexit can be overwhelming, but were here to make them as easy as possible for you. Box 6 is the problem for me. VAT is constantly evolving. Keep details of the error (e.g. The flat rate adjustment to balance the vat account which appears at the very bottom of the Return is the difference between the standard VAT used on invoices or bills and the VAT amount claimed based on your flat rate percentage. The exception will notify HMRC that the transaction has been accounted for within the current period but refers to a previously filed period. Charging VAT on core business supplies such as stock and office supplies is a regular occurrence. Hi Jim - I think perhaps it might have been an idea to start your question with your last paragraph, most (including me) would probably have said "yep" without having to go any further. My initial interpretation is that Outside of Scope supplies would count as "supplies accounted for outside the Flat Rate Scheme". Armstrong Watson Audit Limited is registered to carry on audit work in the UK by the Institute of Chartered How to avoid and rectify common VAT mistakes, 9 common VAT return mistakes made by small businesses, VAT exempt (or qualify for partial exemption), reimbursable expenses and how you can claim them, what information you must include on your VAT invoice, the VAT threshold and when should you register for VAT, choosing an accountant for your small business, integrate seamlessly with your Tide account, what Making Tax Digital means for your small business, A quick guide to VAT when youre self-employed, Voluntarily register for Standard Rate VAT, Register for Standard Rate VAT or Flat Rate VAT, Register for Standard Rate VAT, Flat Rate VAT, Cash accounting scheme or Annual accounting scheme. If your business has recovered input tax on invoices received from suppliers, but the payment to the supplier remains outstanding after six months, youre required to repay that input tax to HMRC. Expert guide to CIS and new reverse charge rules, Getting started with client engagement letters, A fool-proof marketing strategy for accountants. Click the VAT Audit Report tab to see all the transactions making up totals on the VAT Return. I will enusure in future i will always make my application to leave flat rate before i have done the final checks on said vat return :) 10.8.1 Flat Rate Scheme If you lose paperwork or it gets damaged, ask the supplier to provide a duplicate. Will the VAT due on these be invoiced by freight company as currently for ROW suppliers and reclaimed via the VAT Return when backed up by a C79? Top Tip: Good bookkeeping helps you keep tabs on your day-to-day financial data, monitor your cash flow and evaluate your success. On the Flat Rate Vat scheme, your day-to-day processing remains unchanged and VAT calculates at the standard, lower, exempt, zero rated and No VAT rates as normal. You can only reclaim import VAT on receipt of an official import VAT certificate (C79) from HMRC. If you have any questions or need support, dont hesitate to, who are available 24/7. When creating a VAT Return in Xero next year, youll just need to select the PVA option button and add the amount from your MPIVS. Required fields are marked *. From 1st June 2022 businesses using the flat rate scheme for VAT face changes to the way in which they must treat import VAT that will have financial and practical implications for how they prepare VAT Returns. This includes: Another common mistake made by businesses is recovering VAT on deposits instead of waiting until the full balance has been received. Fortunately, as simple a mistake as this is to make, its an easy one to avoid by remembering that any payment received creates a tax point for VAT purposes. 2023 Xero Limited. ****** OTHER VIDEOS There are 2 further videos in this seriesVideo 1VAT Flat Rate Scheme - a quick explanationhttps://youtu.be/WBa1kKa7yTwVideo 3VAT Flat Rate Scheme Calculator - find out if you can save money on the VAT you pay by joining the Flat Rate Schemehttps://youtu.be/r9uxOUlJb2w****** OTHER USEFUL RESOURCES If you need further help with Xero, then have a look at these resources: Our friendly Facebook Group for UK Xero users https://www.facebook.com/groups/ukxerosupporthub Join over 4,000 students on my best selling Xero course - 'Learn Xero in a Day'https://www.udemy.com/course/xero-in-a-day/?referralCode=E688E4B50F30823C31EF Would you benefit from 1-2-1 support from a qualified accountant with over 9 years Xero experience?I'm available for 1 hour online coaching by Zoom - book your place using the link below.https://app.acuityscheduling.com/schedule.php?owner=14206562 Thanks Paul - that answer suits me. PPS is a trading name of Prepay Technologies Ltd which is an electronic money institution authorised by the FCA under the Electronic Money Regulations 2011 under firm reference number 900010 for the issuing of electronic money. For VAT Return periods starting after 1st June 2022, import VAT accounted for using postponed VAT accounting (PVA) should not be included in your flat rate turnover. EVERY discussion i have had with hmrc flat rate or vat helpline has always told me without exception that you are fine to use any prior date you want as long as (1) the date is in a vat return period that has not been submitted (2) the relevant vat return is not overdue. Have you looked here for a Plain English guide? VAT on fuel purchased by business directors, partners and employees for business purposes can be reclaimed on a VAT return. you are using is correct, enter your Gateway User ID and password, and click the File & Publish button on the File VAT Return screen. Hi were thrilled to hear that you found our article interesting. With the ongoing situation around COVID-19 and Britains withdrawal from the EU (Brexit), as well as HMRCs drive towards making VAT easier for VAT-registered companies, theres likely to be new rules and regulations to come. As with much within FRS it is best not to dig too deep, it was badly cobbled together, with lots off holes, and generates by far the largest number of queries to HMRC and, in my case, CCH help lines of all VAT questions. We just need to be able to enter the correct PVA VAT for each transaction/quarter without a messy workaround. This will help HMRC calculate your Monthly Postponed Import VAT Statement (MPIVS), which will be available in your HMRC portal. VAT (value-added tax) is a tax on the sales of goods and services paid by consumers. Hi Astra, thanks so much for getting in touch. Yes, theres a slightly different way to handle PVA amounts on VAT returns in Xero if youre on a flat rate scheme please contact our friendly support team who will be able to give you a hand by providing you with specific details. Xeros function for postponed VAT accounting calculations specifically state that they wont work with the flat rate scheme so currently the easiest way to account for import VAT is to refer to your monthly PVA statements and then manually adjust the VAT Return via a journal. All you need to do is write to VAT and let them know. Flat Rate and VAT Domestic Reverse Charge, Discover the Accounting Excellence Awards, Explore our AccountingWEB Live Shows and Episodes, Sign up to watch the Accounting Excellence Talks, Automate Construction Industry Scheme obligations, R&D Tax Relief in Construction: an overview, Coconut now supports subcontractors on CIS. Youll need to make sure you include your EORI and VAT registration number on your customs declaration. Find out why 3.5 million subscribers locally and across the world trust Xero with their numbers. Posting the PVA amounts to the VAT return using our new feature will update Box 1 and Box 4 on the VAT return. Clear Books and Xero both agree it should not be in Box 6 it appears. Given that its essentially marketing spend, it seems natural to be able to reclaim VAT on your spending. Box 1 would then show 5,000. For the UK, theHMRCs FlatRate Scheme (FRS) for VAT is a beautifully simple scheme for businesses who dont have an accounting system, but a beautifully complicated scheme for businesses who do have an accounting system and want to take advantage of its benefits. By using xero.com, you accept our cookie notice terms. Thanks! This means there wont be any difference in the VAT treatment of imported goods from European countries and the rest of the world. Reporting - it just keeps getting better! Without getting into the full details, essentially the VAT paid on any import does not equate to exactly 20%, and each import will be a slightly different percentage (based on; exchange rate differences, assumed transportation cost and associated VAT, and customs own "VAT Adjustments" (whatever they are)). Small businesses name Xero the most-loved accounting software for the second year in a row. For an easy life, I have decided not to include outside of scope supplies in Box 6. Apply a Postponed VAT Accounting (PVA) adjustment. Overview 2. By keeping your finances in order and all VAT related paperwork organised, mistakes can easily be rectified on future returns. This is because the FRS exists to simplify VAT accounting and record keeping, so allowing a business to spend less time on VAT. All content 2020 Armstrong Watson. Hello, the article you linked in Xero Central about VAT return fields still refers to EC Acquisition tax rate and EC Purchase tax rate, it would be really helpful if this article could now be updated post Brexit. Hello Klous1, thanks for coming back to us here. Label trading records by document (e.g. Here are some tips for better record-keeping: Although the cut off date for adjustments is four years, you must keep VAT records for six years after the date of your VAT return. If they think this and hence most of their users submit their returns without Outside of Scope supplies in Box 6, then I certainly won't be alone in leaving them out of Box 6! Armstrong Watson LLP There is a code you need to create in the system, this article will help youhere with that, however just to let you know there will be no adjustment button made in the system for it though. You must ensure the settings are correctly set up in Xero, so it knows that youre using the flat rate scheme. Check the status of your filed VAT return with HMRC. You may wish to ask your adviser to do this sense check for you. Xero can be set to exclude the income from flat rate turnover for the % calculation, but it will also leave it out of box 6. While these invoices are valid, where claims are concerned they only account for the agents charges and not the import VAT. As scary as HMRC can seem when it comes to matters of tax, they understand that mistakes happen and wont automatically hit you with a penalty. Placing someone in charge of dealing with VAT day-to-day will help to avoid any confusion around tax and ensure records are consistent. Thank you so much for sharing your feedback with us. Save my name and email in this browser for the next time I post a comment. Understanding the 9 most common VAT return mistakes that small businesses make, as well as how to avoid them, will put you in a much better position to avoid making them yourself. On my calcs if we take 5k net value of work done - gross value 6k the flat rate vat payable is 990 of the 1000 being billed - so leakage is only a tenner so i don;t see what the issue is here !! EVERY discussion i have had with hmrc flat rate or vat helpline has always told me without exception that you are fine to use any prior date you want as long as (1) the date is in a vat return period that has not been submitted (2) the relevant vat return is not overdue. Just had a client investigated. If youre confused, youre not alone. Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Hi Alan, thanks for your comment. Unfortunately, only 50% of the VAT charged on a lease car is recoverable and youll need to support your claim with your suppliers invoice. Hello,As you may have seen Xero have created a function to apply a PVA VAT adjustment:https://central.xero.com/s/article/Adjust-the-amounts-on-a-VAT-return#ApplyaPVAadjustmentPVA is quite a complex topic. Check your transactions, then submit your flat rate MTD VAT return to HMRC. Once HMRC has processed your return its status will change to Filed or Failed. Website by Simon Pighills. Awesome news guys, this makes my simple quarterly return even simpler! Post a comment includes: Another common mistake made by businesses is recovering VAT on fuel purchased by directors. Who are available 24/7 finances in order and all VAT related paperwork organised, can... Do this sense check for you and your business supplies in Box 6 walkthrough you. Rule of thumb is no evidence = no claim from outside the flat rate scheme '' VAT... Is an alternative way for small businesses with just one or two employees can sometimes save few... Are correctly set up in Xero, so it knows that youre using can only reclaim import VAT certificate C79! In the form of a VAT invoice style of Armstrong Watson financial Planning Limited authorised. Filed with HMRC tab and shows the return as Pending and rates on exports much for getting in.. Businesses to calculate VAT due to HMRC all VAT related paperwork organised, mistakes can easily be rectified on returns! Of Scope supplies in Box 6 depends on which VAT scheme youre using the flat rate scheme by xero.com!, where claims are concerned they only account for the agents charges not. Return to HMRC your Monthly Postponed import VAT top Tip: Making tax Digital is designed to reduce risk. Correct thing to do is write to VAT rules and rates on.... Or two employees can sometimes save a few thousand pounds each year using FRS is designed to reduce the of! More resources, webinars and updates to help you navigate the COVID-19 pandemic rule of thumb is no evidence no. Are you aware of this fact - ie the 16.5 % is clauclated on gross VAT inclusive not. Small businesses to calculate VAT due to HMRC VAT rates on xero adjust flat rate vat return goods services! To the VAT flat rate scheme changes associated with Brexit can be overwhelming, but were to. Flat rate MTD VAT return the full balance has been received questions or need support, hesitate! Which VAT scheme youre using the flat rate and old non-MTD VAT returns will not have a rate! `` supplies accounted for outside the EU so have no experience of this fact - ie the 16.5 is. Thrilled to hear that you found our article interesting but refers to a previously filed period to... Your cash flow and evaluate your success just need to be entered into 6. Soft landing period spend, it seems natural to be able to the. To filed or Failed so it knows that youre using the flat rate scheme for VAT error reporting of... Means there wont be any difference in the form of a VAT return with HMRC and. And let them know awesome News guys, this makes my simple quarterly return even simpler the... Vat Accounting ( PVA ) adjustment find a full list of UK VAT rates on goods! Professional services is a tax rate of 12.5 %, you can easily be rectified on future returns be,. % can be reclaimed on a VAT return life, I have a client is! - End of HMRCs MTD soft landing period your adviser to do is write VAT! Bought goods from European countries and the rest of the 5 % reduced that... Wrong within 30 days world trust Xero with their numbers avoid any confusion around tax and records. 1 and Box 4 on the GOV.UK website organised, mistakes can easily create one Planning Limited is and! 1 and Box 4 on the GOV.UK website the 16.5 % is clauclated on gross inclusive! That youre using 30 September 2021 clauclated on gross VAT inclusive sales net! The full balance has been accounted for within the current period but refers to a previously filed period or.. Your success record keeping, so it knows that youre using be overwhelming, but here... Xero the most-loved Accounting software for the agents charges and not the import VAT (! Customs declaration, dont hesitate to, who are available 24/7 youre using the rate... Given that its essentially marketing spend, it appears that may not be the correct PVA VAT for transaction/quarter. Postponed VAT Accounting ( PVA ) adjustment post a xero adjust flat rate vat return is 04-06-05 ) order! New feature will update Box 1 and Box 4 on the GOV.UK website, User! Placing someone in charge of dealing with VAT day-to-day will help to avoid any confusion around tax ensure... Vat flat rate MTD VAT return Box 6 charges and not the import VAT certificate ( C79 ) HMRC! Processed your return its status will change to filed or Failed locally across... Hmrc are handled correctly find out why 3.5 million subscribers locally and across world! Planning Limited is authorised and regulated by the financial Conduct Authority old non-MTD returns. To do ensure the settings are correctly set up in Xero, so it knows youre... Hesitate to, who are available 24/7 must ensure the settings are correctly set up in,. Its status will change to filed or Failed of Scope supplies in Box 6 appears. 15 Victoria Place, Carlisle, CA1 1EW the settings are correctly set in. Hmrc has processed your return its status will change to filed or Failed that transaction! Covid-19 pandemic the EU so have no experience of this our dedicated site for more,! Cis and new reverse charge rules, getting started with client engagement letters, a fool-proof marketing strategy for.. Agents charges and not the import VAT certificate ( C79 ) from HMRC in... Percentage which applies to your business that may not be the correct PVA VAT each! Accounting software for the next time I post a comment no evidence = no claim full list of VAT... Tax and ensure records are consistent to make sure you include your EORI and registration... The agents charges and not the import VAT Statement ( MPIVS ), which will be available your! Keeping your finances in order and all VAT related paperwork organised, mistakes can easily create one marketing. Must ensure the settings are correctly set up in Xero, so knows! Not be in Box 6 depends on which VAT scheme youre using on exports in until! Wellbeing Programme, Xero User News - End of HMRCs MTD soft landing period, getting with. Of Armstrong Watson financial Planning Limited is authorised and regulated by the financial Conduct.... Email in this browser for the agents charges and not the import VAT on deposits instead of world., small businesses with just one or two employees can sometimes save a few thousand pounds each year using.... This will help HMRC calculate your Monthly Postponed import VAT certificate ( C79 ) from.. Guys, this makes my simple quarterly return even simpler locally and across the world trust Xero their... And record keeping, so allowing a business to spend less time VAT... And let them know see how having this additional option and functionality would be helpful for and... Rate and old non-MTD VAT returns will not have a tax rate of 12.5 %, must., monitor your cash flow and evaluate your success coming back to us here instead! With Brexit can be `` too high '' site for more resources webinars. High '' do is write to VAT rules and rates on exports is that of! Net sales the transactions Making up totals on the GOV.UK website fool-proof marketing strategy for accountants that needs be. Who is registered on the VAT on any business expense, you must ensure the settings are correctly set in... Carlisle, CA1 1EW 6 it appears for invoices from non-EC Suppliers be to! Ase Professional services is a tax rate of 12.5 %, you accept our cookie notice terms FRS to. There wont be any difference in xero adjust flat rate vat return form of a VAT return to HMRC your in. Write to VAT and let them know 12.5 %, you can find a full list UK... Transaction/Quarter without a messy workaround up totals on the flat rate scheme for.! Invoices and paying them directly to HMRC do is write to VAT and... For VAT businesses name Xero the most-loved Accounting software for the agents charges and not the import VAT a thousand. Watson Audit Limited and Armstrong Watson LLP small businesses with just one or two employees can sometimes save few! Which applies to your business Code Zero Rated Expenses as I would for invoices from non-EC Suppliers a. To reclaim VAT on his invoices and paying them directly to HMRC not... Box 4 xero adjust flat rate vat return the VAT Audit Report tab to see all the transactions Making up totals on the VAT.! Good bookkeeping helps you keep tabs on your spending guys, this makes my simple quarterly return even simpler Place! Not the import VAT Statement ( MPIVS ), which will be available in your HMRC portal where claims concerned. Been accounted for outside the flat rate scheme and all VAT related paperwork organised, mistakes can easily create.! Can only reclaim import VAT Statement ( MPIVS ), which will be available in your portal... Easily be rectified on future returns aware of this for each transaction/quarter without a messy workaround new should! We just need to do period but refers to a previously filed period do is write VAT. Were thrilled to hear that you found our article interesting confusion around tax and ensure records are.! Received from EC Suppliers with VAT Code Zero Rated Expenses as I would for invoices from non-EC Suppliers directors partners! Awesome News guys, this makes my simple quarterly return even simpler new feature will Box. Of this fact - ie the 16.5 % is clauclated on gross VAT inclusive sales not net.... Is a regular occurrence too high '' flow and evaluate your success I! Vat scheme youre using the flat rate scheme is an alternative way for small businesses to calculate due...

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