Covid Grants & Vat Submissions

It’s a process question , the receipt of Covid support grants contributes towards our turnover but not VAT calculations therefore I record the vat rate as Zero.

Using the further options on QF, is it a VAT Exempt or Out of scope action?



It isn’t a sales invoice at all - just tag the transaction when the money comes into your bank account using “something not on the list” as misc income (or create another nominal in the 4xxx section specifically for the grant). If you don’t create an invoice then it won’t figure in your VAT return at all.

Ian, that makes sense.Txs

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