My VAT registration is being processed but when i come to fill the tax return how does quick file calculate what is due? do i have to manually log them somewhere? including any reclaims the vat number being reclaimed from? also going on the site i can reclaim up to potential 6 months prior for goods i have received how will this be added on?
It really depends on the VAT accounting method, please read the VAT Return Guide first, it will answer most of your questions. Also just download the backing report and you will see how the figures are derived.
You would need to keep a separate log of this and use the adjustment tool.
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How can you set it by this i mean…
You can apply the VAT as business in two ways, Cost + VAT or Cost the VAT absorbed into the price
for example £20 + £4 VAT or £20 which be £16.66 + £3.34 VAT
obviously i like to use both options but i aint sure if it can be done
also can you set different vat rates for each item on the invoice?
As you have full control over the NET and VAT amounts you can come up with whatever combination you prefer. There is a setting in the Advanced Features section to show this extra VAT amount column.
Also yes you can set different VAT rates for each individual item in an invoice.
hen raising a invoice today for parts i had to work out by changing the figure a few times so to get a total figure of 900 i had to keep increasing 700 until price plsu vat = 900 it be nice to havea feature to just type in the total with vat and the system works out the vat you owe and the price without vat