VAT Returns - Split old (submitted) Net Amount Sales Invoice (0% VAT) into Gross Amount Sales invoice (0% VAT) and multiple Purchase Invoices (with VAT)

[QFSteve]

Hello @NickW

The process for recording rent in terms of sales (rental income) and purchase invoices (fees etc) is detailed in this thread. This should help you going forward.

How to tag / create invoice for rent income minus agent fees?

Sorry, I could have sworn it was there somewhere. Anyway, the principle is very simple - create a new “bank account” in QuickFile called something like “Contra invoicing holding account”. Now whenever you have one of these payments to process you create: a sales invoice for £530 for the incoming rent a purchase for £35 for the outgoing commission both of these could be done using the recurring invoice/purchase mechanism if they’re the same every month. When the £495 payment lands in your …

With regards to making retrospective changes, The old invoices will be locked as they have been reported on vat returns. I would reccomend speaking to your accountant for professional tailored advice as it is not something the support team could not comment on as we are not registered accountants