VAT issues
System
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I have a question with regards to posting invoices of Sage, and the correct VAT treatment. (This is for a client)
If for example, you purchase goods/services from a foreign supplier, are these goods exempt or zero rated? (ie T0 or T9 when posting)?
Also, if client does not have an invoice for the goods, then you dont claim the VAt but again is this exempt or zero?
I hope these do not sound like silly questions. Plus, if anyone has any other ideas with regards to other scenario's where VAT is not recorded that would be great too.
If for example, you purchase goods/services from a foreign supplier, are these goods exempt or zero rated? (ie T0 or T9 when posting)?
Also, if client does not have an invoice for the goods, then you dont claim the VAt but again is this exempt or zero?
I hope these do not sound like silly questions. Plus, if anyone has any other ideas with regards to other scenario's where VAT is not recorded that would be great too.
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Comments
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Re:VAT issues
If you receive goods from suppliers in the EU which are zero rated you would use T7.
Standard rated purchases from suppliers in the EU are T8.
Other supplies from non EC countries would be T0 if they are within the scope of VAT but no VAT charged. T9 (exempt) means the supply is totally outside the scope of VAT. if you do not receive an invoice for taxable goods supplied then you would use T0 not T9.
Hope that helps.
Kind regards
Steve0 -
Re:VAT issues
peugot are you a tutor.you are very clever0