vat not showing up in the reclaimed section of return
VAT is showing up on the VAT returns based on my turnover, but not for my expenses, I have input over 100 invoices and no VAT Retrurns are showing my VAT to reclaim.
I noticed when i was creating Bills and allowing "Auto Vat" after the bill was created it showed "includes Vat of £amount" but then when you go into banking and choose the correct method of payment for the bill, when you drop down the box the "auto" button disappears and after you have paid invoice some dont show the "Including Vat £amount"
Please can someone look into my account and tell me what is wrong teesweb.freeagent
I noticed when i was creating Bills and allowing "Auto Vat" after the bill was created it showed "includes Vat of £amount" but then when you go into banking and choose the correct method of payment for the bill, when you drop down the box the "auto" button disappears and after you have paid invoice some dont show the "Including Vat £amount"
Please can someone look into my account and tell me what is wrong teesweb.freeagent
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Inappropriate?BaldNut,
Looks like you're using the Flat Rate Scheme. You can read more about it on the HMRC website here but one consequence is that you no longer reclaim VAT on expenses (other than capital purchases of over £2000 inc VAT).
(With bill payments, the VAT is set by the bill itself not by the payment as such, which is why the VAT selector disappears).
Hope that helps.
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Inappropriate?Ok, which scheme do i setup for in free agent then as i dont have that scheme in use for my company, i account for everything.
Thank you for your reply
I’m still working
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Inappropriate?found it sorry...
will it put all my data correct now?
Also if the vat does not show is it still applied? -
Inappropriate?i setup non flat scheme went into my tax pages and still no reclaimed vat?
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Inappropriate?You may have changed the Initial Flat Rate Scheme setting on the Settings pages. These settings only apply to when you set up VAT in FreeAgent for the very first time.
Normally you'd need to adjust the Flat Rate Scheme setting on each of the VAT returns already in the system, but we've gone ahead and done this for you. Hope you don't mind ;->
All should now be as you expect...
I’m crossing my fingers...
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