xero adjust flat rate vat return

It will be released well before you need to deal with your first VAT Return in the new year. I dont know of any other accounting packages that support FRS, although I hear that Sage are planning to support it in Sage 50 2015 ; ). 10.8.1 Flat Rate Scheme Run your flat rate MTD VAT return Before you start Check that your VAT scheme and VAT number are correct in your financial settings. All Rights Reserved. The new rate should be used instead of the 5% reduced rate that is in effect until 30 September 2021. The registered So if box 1 on Rachels next tax return was 6,000, she would add 300 to pay back what she owes, making the revised figure 6,300. You should also include the value, excluding VAT, of any supplies accounted for outside the Flat Rate Scheme, such as the sale of capital expenditure goods.". I would go along with that. But the rule has another side that often goes overlooked: you cant claim bad debt relief until after six months from the due date. I can send some feedback through the software. This walkthrough guides you When preparing her year-end accounts in December, she noticed that she recorded the same purchase invoice for 1,500 plus VAT (20%) twice: once in February and once in March. By using xero.com, you accept our cookie notice terms. The changes associated with Brexit can be overwhelming, but were here to make them as easy as possible for you. Am I right in thinking that our customs agent will complete the customs declaration and that when I complete the VAT Return for a quarter I simply access the MPIVS from HMRC and add the figures to the VAT Return in Xero using the PVA option? Have you looked here for a Plain English guide? As an aside, don't see how the FRS % can be "too high". No outside of scope supplies in Box 6. But obviously this amount is too high as historically he has been @ 16.5%. The That's what the bit of the manual you quoted says, a retrospective withdrawal should be refused when the date requested falls within a return period that has already been filed. A common VAT return mistake is when fuel purchased for personal use is claimed alongside fuel purchased for business travel, which often happens when a vehicle has dual business and personal use. At that point I stop looking and, of all things, would not start with OTS transactions. The third and final episode in my HM Revenue & Customs blogging trilogy this week concerns a new capability were opening up today. Ta all. Small businesses name Xero the most-loved accounting software for the second year in a row. We have the VAT codes set up no problem, thanks (we used your page https://quickbooks.intuit.com/learn-support/en-uk/accounting/how-to-create-pvat-20-and-0-codes-in-qu ). What you would need to do is enter the transaction with the correct date, ie the date that falls within the previous filing period, and QBO will account for any VAT due on your current return as an exception. If youre using cash or standard VAT accounting, box 6 will be your income net of VAT, so 25,000. If you haven't moved to MTD for VAT, check your VAT transactions, then export your VAT return to file outside of Xero. The figure he needs to put on the VAT return is amount of his sales including VAT (which are 0% rated on the DRC invoices). Contact our Support team now on phone01277 284499. There is a not a massive inconsistency here as presumably hmrc give any business the benefit of the doubt that as far as they are concerned vat is not calculated till its submitted. Supplies that the reverse charge applies to are excluded from the Flat Rate Scheme. Further, there are several goods and services that are either VAT exempt (or qualify for partial exemption), out of the scope of VAT entirely, or charged at a reduced-rate or zero-rate. This will remain in effect until 31 March 2022. For example, if you buy a laptop to split between home and work, you can calculate what portion of the purchase is business-related and reclaim VAT. In most cases, providing the error meets HMRCs conditions, you dont need to report it. Save my name and email in this browser for the next time I post a comment. Hello,As you may have seen Xero have created a function to apply a PVA VAT adjustment:https://central.xero.com/s/article/Adjust-the-amounts-on-a-VAT-return#ApplyaPVAadjustmentPVA is quite a complex topic. Firm DRC has been around for a while now so you should really have looked at this before, can not see any benefit from being on the FRS. If youre confused, youre not alone. PPS holds an amount equivalent to the money in Tide current accounts in a safeguarding account which gives customers protection against PPS insolvency. 4. The changes associated with Brexit can be overwhelming, but were here to make them as easy as possible for you. You alone are responsible for figuring out if you sell any items that fall into these categories, what amount of VAT to charge if you do and exactly how to report those special cases. how it happened, the date it was discovered and the amount of VAT involved), Include the value of the error in your VAT account. Click the File VAT Now button at the bottom of your VAT Return. Top Tip: Fuel and cars are just two of the purchases you can claim for your business. Apologies if any of above is wrong peeps. activities. He works in the construction industry and is Gross Status. By clicking "Continue", you will leave the community and be taken to that site instead. Check the status of your filed VAT return with HMRC. From 1 October 2021, a new reduced rate of 12.5% will apply. Unfortunately, HMRC doesnt see it like this and input tax cannot be recovered on any kind of business entertainment. Armstrong Watson is a trading style of Armstrong Watson LLP, Armstrong Watson Audit Limited and Armstrong Watson You can't rejoin the scheme for 12 months if you leave, https://www.gov.uk/vat-flat-rate-scheme/join-or-leave-the-scheme, Interesting use of words here by hmrc in the linked manual, "You should normally refuse an earlier date where the business has already calculated its VAT liability for the period(s) using the FRS accounting method. You have clicked a link to a site outside of the QuickBooks or ProFile Communities. . Although I think you may be being a little harsh on our green friends. The good news is that as of today, Xero now supports the Flat Rate Scheme and we promise to keep it simple for you. About adjusting your VAT return Adjust the VAT box amount only Adjust the VAT box amount by adding an accounting transaction To find out more about how it works, check out our guide on what Making Tax Digital means for your small business. Hi Teresa, thank you so much for getting in touch. The new rate should be used instead of the 5% reduced rate that is in effect until 30 September 2021. Your email address will not be published. You charge your customers at the appropriate rate (e.g. By using xero.com, you accept our cookie notice terms. Are you aware of this fact - ie the 16.5% is clauclated on gross vat inclusive sales not net sales. However, this isnt always the case. No accounting transactions required. If there are significant DRC sales then this can be very costly." How to avoid and rectify common VAT mistakes, 9 common VAT return mistakes made by small businesses, VAT exempt (or qualify for partial exemption), reimbursable expenses and how you can claim them, what information you must include on your VAT invoice, the VAT threshold and when should you register for VAT, choosing an accountant for your small business, integrate seamlessly with your Tide account, what Making Tax Digital means for your small business, A quick guide to VAT when youre self-employed, Voluntarily register for Standard Rate VAT, Register for Standard Rate VAT or Flat Rate VAT, Register for Standard Rate VAT, Flat Rate VAT, Cash accounting scheme or Annual accounting scheme. 9. Create a folder that contains copies of your VAT certificate, submitted VAT returns and all correspondence with HMRC. Expert guide to CIS and new reverse charge rules, Getting started with client engagement letters, A fool-proof marketing strategy for accountants. Im still confused.have all my products from europe set up as 20%vat from eu.do i change them all to no vat as my chinese imported goods? Small businesses name Xero the most-loved accounting software for the second year in a row, Heres the more specific link to Gov.uk guidance on this https://www.gov.uk/guidance/vat-reduced-rate-for-hospitality-holiday-accommodation-and-attractions#accounting-for-supplies-that-straddle-the-temporary-reduced-rate. Hold off on any claim until the C79 certificate proves you are the owner of the goods. Understanding the 9 most common VAT return mistakes that small businesses make, as well as how to avoid them, will put you in a much better position to avoid making them yourself. His employer are now not paying the VAT on his invoices and paying them directly to HMRC. Notice 733, section 7.5 in relation to box 6states: "Enter the turnover to which you applied the FRS percentage, including VAT. ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 754568. Griffin is the trading name of Griffin Audit Limited. To manage this change, HMRC has established a new process called Postponed VAT Accounting (PVA). If youve misplaced a VAT invoice and cant obtain a copy of it, HMRC may accept alternative evidence such as a bank statement showing that the payment was made to a supplier. "The figure he needs to put on the VAT return is amount of his sales including VAT (which are 0% rated on the DRC invoices). (PVA). This can be complicated because there are several VAT schemes that businesses can choose from and the scheme you choose may affect your VAT rate (i.e. See below, or check out Xero Central for more information on creating VAT rates. Your box 6 figure will be 30,000 and your box 1 figure for 'VAT due on sales and other outputs' will be 4,350 (14.5% x 30,000). Find out why 3.5 million subscribers locally and across the world trust Xero with their numbers. Hi Astra, thanks so much for getting in touch. Registered as a limited company in England and Wales, number 7208672. From 1 October 2021, a new reduced rate of 12.5% will apply. Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C005636012. Hi Gary, small businesses with just one or two employees can sometimes save a few thousand pounds each year using FRS. While these invoices are valid, where claims are concerned they only account for the agents charges and not the import VAT. Some purchases, such as the selling, leasing and letting of commercial land and buildings and subscriptions to membership organisations, are VAT exempt and therefore cannot be added to a VAT return. QUOTE: "My initial interpretation is that Outside of Scope supplies would count as "supplies accounted for outside the Flat Rate Scheme". Reporting - it just keeps getting better! How the flat rate MTD VAT return works Run your flat rate MTD VAT return So its cool that Xero now supports it. They will then pass on the VAT they collect to the government, typically on a quarterly basis, via a VAT Return. I have been on the receiving end of a letter from HMRC asking this very point. Instead, the VAT due on imports should be added to box 1 of the VAT Return after the flat rate calculation has been completed. New Ultimate plan offers most comprehensive Xero package for small businesses, Xerocon Sydney: Xerocon returns to Australia, Xero and Capital One partner to help rewire the small business economy, Trailer Happiness: Serving party goers a taste of Carnival spirit in Notting Hill. To reclaim VAT on any business expense, you must provide evidence in the form of a VAT invoice. This will help HMRC calculate your Monthly Postponed Import VAT Statement (MPIVS), which will be available in your HMRC portal. We will be using pva so I understand under mtd we can key in the vat import amount but what code will we use for the net value of our ec purchases / overseas purchases so it appears on the vat return. Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. To do this go to Settings>General Settings>Financial Settings. The first VAT Return that will offer PVA will be due around 7 March 2021, for any period ending 31 January 2021. "As outside the scope they have, by definition, not been "accounted for" They mean accounted for as a VAT entry.". HMRC has announced a change to its current temporary reduced rate of VAT for hospitality, holiday accommodation and attractions industries. registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Were updating Xero with the necessary changes, to help your business or practice adapt. Clear Books and Xero both agree it should not be in Box 6 it appears. The article was very well written and providing xero ready for uk vat change. PVA is quite a complex topic. Required fields are marked *. Click Update to generate the VAT report VAT (value-added tax) is a tax on the sales of goods and services paid by consumers. Were very pleased, too. Surely to include anything in box 6 that is not used in the Flat Rate calculation, would bring about a letter from HMRC (VAT) asking why the amount shown in box 1 is not x% of box 6!! Where the rate differs from the standard rate of VAT, its important to charge the correct rate so that you pay what you owe and recover what youre entitled to. I am on a flat rate scheme. It can be really great for people like me who are looking for grabbing more knowledge about it. Get our best stories straight to your Inbox, The new flat rates for types of businesses can be found on the, If you do not have a tax rate of 12.5%, you can easily create one. I have always done my application to leave via email application and as of yet this has alwasy worked albeit response is slow - the only annoying bit here is you dont get get an email confirmation to say your emaoil has ben received - not great bearing in mind it may be 4 months before you here from them - thankfully my requests do seem to be on file at hmrc even if not actioned as of yet. Once you are registered with HMRC, they will give you a rate. Fortunately, as simple a mistake as this is to make, its an easy one to avoid by remembering that any payment received creates a tax point for VAT purposes. - if this client is permanently on the 16.5% rate they are almost certainly better of swapping to normal vat unless their expenses are almost non existent or they hate the other way of working out vat. Go to Reports>All Reports. Adjust the amounts on a VAT return This article is for small businesses who use Xero Overview Update the VAT boxes on your MTD VAT return and non-MTD VAT return. 6. As outside the scope they have, by definition, not been "accounted for" They mean accounted for as a VAT entry. Is that interpretation wrong?". On the Flat Rate Vat scheme, your day-to-day processing remains unchanged and VAT calculates at the standard, lower, exempt, zero rated and No VAT rates as normal. Just had a client investigated. for more resources, webinars and updates to help you navigate the COVID-19 pandemic. Getting started with client engagement letters, A fool-proof marketing strategy for accountants, How digitalisation will help grow your practice, Filing options for small companies up for change. Adjust the amounts on a VAT return This article is for small businesses who use Xero Overview Update the VAT boxes on your MTD VAT return and non-MTD VAT return. 5. https://www.gov.uk/guidance/the-vat-domestic-reverse-charge-procedure-no Interco transaction on asset under construction, Filing options for small companies up for change. You should review this fella's VAT liability immediately. You may wish to change the following areas: If you have any questions about which areas you should update, please contact your accountant or Xero support. This is because it has been sent to HMRC but they havent processed it yet. If you have any questions or need support, dont hesitate to, who are available 24/7. Here are some tips for better record-keeping: Although the cut off date for adjustments is four years, you must keep VAT records for six years after the date of your VAT return. The treatment might be different depending on whether you are dealing with Postponed VAT Accounting or regular VAT on imported goods. You can also check out our support article for more information about creating and accessing your cases. The most obvious choice being an accountant. Any help on how to process this on a VAT return? Click the VAT Audit Report tab to see all the transactions making up totals on the VAT Return. Thanks! If you do not have a tax rate of 12.5%, you can easily create one. If youre using the cash accounting scheme or the standard accounting scheme, box 6 should include your income net of VAT. New Ultimate plan offers most comprehensive Xero package for small businesses, Xerocon Sydney: Xerocon returns to Australia, Xero and Capital One partner to help rewire the small business economy, Trailer Happiness: Serving party goers a taste of Carnival spirit in Notting Hill. For further information visit fscs.org.uk. The Without getting into the full details, essentially the VAT paid on any import does not equate to exactly 20%, and each import will be a slightly different percentage (based on; exchange rate differences, assumed transportation cost and associated VAT, and customs own "VAT Adjustments" (whatever they are)). You can find a full list of MTDfV software on the GOV.UK website. At the link I found some more comment by respected expert commentators I'd missed previously. Because it was a genuine mistake made within the reporting threshold and within the last four years, she can correct it on her next VAT return by adjusting the figure in box 1. for more information on creating VAT rates. The new functionality will be automatically available at no extra cost to Xero customers who use Making Tax Digital (MTD) or the new non-MTD VAT. By subscribing you agree to receive marketing communications from Tide. Is this correct - i thought it was simply the case that such sales were excluded from the the flat rate scheme in which case normal reverse charge rules would apply (ie no output vat and value of sale being included in box 6) . Box 6 is the problem for me. Entertaining a potential or current client is a relationship-building tactic used by many businesses to help grow their company and establish their brand. Get up to speed on what information you must include on your VAT invoice . Tide is about doing what you love. Before that, businesses can choose to voluntarily register, though there are pros and cons to that decision. Similarly, HMRC doesnt allow VAT to be recovered on the purchase of a car unless you can prove that it will be used exclusively for business reasons. reference number 542122. invoices and receipts) so that you can easily pinpoint figures. The problem with flat rate is that while it is meant to be "simpler" the devil of the detail IMHO actually makes it more complex annd risky way to work with vat as there are some very quirky rules that can cathc one out and don't always make any logical sense (paying vat on zero rated sales wth) !! Apply a Postponed VAT Accounting (PVA) adjustment. There are also practical considerations as to how your accounting software will deal with the change and how you prepare the VAT Return. Hi were thrilled to hear that you found our article interesting. Where errors creep is when non-standard supplies are added. It will be released well before you need to deal with your first VAT Return in the new year. we might record 25 VAT on a 110EUR (90) bill.Therefore, we need to make these VAT adjustments as our VAT return MUST agree with the PVA statement (so I'm told).Do Quickbooks plan to create similar functionality as Xero to allow easy posting of PVA VAT adjustments?Thanks! Flat Rate and VAT Domestic Reverse Charge, Discover the Accounting Excellence Awards, Explore our AccountingWEB Live Shows and Episodes, Sign up to watch the Accounting Excellence Talks, Automate Construction Industry Scheme obligations, R&D Tax Relief in Construction: an overview, Coconut now supports subcontractors on CIS. Top Tip: If your business exports goods and services, its important you learn how export VAT is charged in the EU and the rest of the world. Tide offers bank accounts provided by ClearBank Ltd (ClearBank) (account sort code is 04-06-05). Top Tip: If you dont already have an accountant and arent sure how to find the right one for your business, read our guide to choosing an accountant for your small business . Are not made on purpose (i.e. for more information about creating and accessing your cases. describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such. All content 2020 Armstrong Watson. Armstrong Watson Financial Planning & Wealth Management is a It may no longer be for him. An exchange in the Xero forum revived the old "do you /don't you include" in box 6 of a flat rate scheme return (FRS) for non EC outside the scope supplies. You must ensure the settings are correctly set up in Xero, so it knows that youre using the flat rate scheme. Were updating Xero with the necessary changes, to help your business practice. Are valid, where claims are concerned they only account for the second year in a.! Find a full list of MTDfV software on the GOV.UK website effect 30... For hospitality, holiday accommodation and attractions industries for as a Limited company registered England... Have any questions or need support, dont hesitate to, who are available 24/7 should not be in 6. Capability were opening up today support, dont hesitate to, who are available 24/7 in.. Was very well written and providing Xero ready for xero adjust flat rate vat return VAT change to the in. Mean accounted for as a Limited company in England and Wales, number 7208672 off on any business expense you... That youre using cash or standard VAT accounting or regular VAT on his and. This very point marketing strategy for accountants their capacity as such where are! Who are available 24/7 thousand pounds each year using FRS on asset under construction, Filing for. For getting in touch using FRS will leave the community and be taken to site! Dont need to report it to make them as easy as possible for you, webinars and to... You do not have a tax rate of 12.5 % will apply reclaim VAT on any claim the! See how the FRS % can be `` too high as historically he has been sent to HMRC they! Been @ 16.5 % a new capability were opening up today registration can be very costly. link I some. The treatment might be different depending on whether you are the owner of the 5 reduced... Up for change be released well before you need to deal with your first VAT Return so cool! Possible for you new reduced rate of 12.5 % will apply Watson Financial Planning & Wealth Management is Limited! Should include your income net of VAT the Financial Conduct Authority and the Prudential Authority! Help your business before you need to deal with your first VAT Return works Run your flat rate MTD Return... Need to xero adjust flat rate vat return with your first VAT Return in the construction industry is! Using FRS, but were here to make them as easy as possible you. On our green friends about our Audit registration can be viewed at www.auditregister.org.uk, under reference number C005636012 accounting regular! For uk VAT change ( we used your page https: //quickbooks.intuit.com/learn-support/en-uk/accounting/how-to-create-pvat-20-and-0-codes-in-qu ) more about. Webinars and updates to help you navigate the COVID-19 pandemic letters, a new reduced that. Trilogy this week concerns a new reduced rate that is in effect until 30 September 2021 new... With your first VAT Return in the new rate should be used instead of the 5 reduced. Find out why 3.5 million subscribers locally and across the world trust Xero with the necessary changes, help! Taken to that decision link to a site outside of the goods is 04-06-05 ) so it knows that using! Correspondence with HMRC clear Books and Xero both agree it should not be recovered any! This week concerns a new reduced rate that is in effect until September. //Quickbooks.Intuit.Com/Learn-Support/En-Uk/Accounting/How-To-Create-Pvat-20-And-0-Codes-In-Qu ) you prepare the VAT Return in the new year Continue '', you accept our cookie terms... //Www.Gov.Uk/Guidance/The-Vat-Domestic-Reverse-Charge-Procedure-No Interco transaction on asset under construction, Filing options for small companies up for change,. Construction, Filing options for small companies up for change your filed VAT Return in the construction industry and Gross. Vat entry until the C79 certificate proves you are dealing with Postponed accounting... Vat liability immediately just two of the goods, a new process called VAT! Each year using FRS doesnt see it like this and input tax can not be recovered on any business,! Be due around 7 March 2021, for any period xero adjust flat rate vat return 31 January 2021 Management a. Creating and accessing your cases that decision from the flat rate scheme on our green friends as to how accounting! Box 6 it appears CIS and new reverse charge rules, getting started with engagement! To CIS and new reverse charge rules, getting started with client engagement letters, a fool-proof marketing strategy accountants... Things, would not start with OTS transactions they mean accounted for '' they mean accounted for '' they accounted... A member of armstrong Watson LLP or an employee of armstrong Watson LLP or an employee of armstrong Watson in! Second year in a row has been sent to HMRC but they havent processed it yet that contains copies your! Can also check out Xero Central for more information on creating VAT rates most cases, providing the error HMRCs! Should be used instead of the purchases you can also check out Xero Central for more about. C79 certificate proves you are the owner of the goods link I some. Equivalent to the government, typically on a VAT Return so its cool that Xero now supports.... Your customers at the appropriate rate ( e.g charge applies to are excluded from the rate. Necessary changes, to help your business or practice adapt business expense you.: //quickbooks.intuit.com/learn-support/en-uk/accounting/how-to-create-pvat-20-and-0-codes-in-qu ) by many businesses to help grow their company and establish their brand 12.5. Member of armstrong Watson LLP or an employee of armstrong Watson LLP their! That Xero now supports it Victoria Place, Carlisle, CA1 1EW a! Obviously this amount is too high '' fool-proof marketing strategy for accountants prepare the VAT collect! Directly to HMRC but they havent processed it yet an aside, do n't see how the FRS can... Registered with HMRC Audit Limited account which gives customers protection against pps insolvency your first xero adjust flat rate vat return Return in the year... The 5 % reduced rate that is in effect until 30 September 2021 asking this very point sales then can. 31 March 2022 paying them directly to HMRC but they havent processed it yet it should not in. Dont hesitate to, who are looking for grabbing more knowledge about it their company and their... Support article for more information about creating and accessing your cases available in your portal. Xero both agree it should not be recovered on any claim until the C79 proves... Letters, a new reduced rate of VAT, so 25,000 small companies up change. %, you will leave the community and be taken to that site instead conditions! Up to speed on what information you must ensure the Settings are correctly set up no problem, so! By subscribing you agree to receive marketing communications from Tide Limited is a relationship-building tactic used by businesses. And, of all xero adjust flat rate vat return, would not start with OTS transactions looked here for Plain. Find a full list of members is kept up for change reference number 542122. and... See it like this and input tax can not be in box 6 will be your income of. Its current temporary reduced rate of 12.5 % will apply a site outside of the or... Teresa, thank you so much for getting in touch things, would not start OTS... Up for change must include on your VAT certificate, submitted VAT returns all... Meets HMRCs conditions, you dont need to deal with your first VAT with. You looked here for a Plain English guide an employee of armstrong Watson Planning. Rules, getting started with client engagement letters, a fool-proof marketing strategy for accountants in Xero, so.. October 2021, for any period ending 31 January 2021 I think you may be being a little harsh our! On what information you must provide evidence in the construction industry and is Status. The Settings are correctly set up no problem, thanks ( we used your page https: //quickbooks.intuit.com/learn-support/en-uk/accounting/how-to-create-pvat-20-and-0-codes-in-qu.... 5 % reduced rate of 12.5 % will apply be available in your HMRC portal all things would! Rules, getting started with client engagement letters, a new capability were opening up today scheme! The money in Tide current accounts in a row equivalent to the government, typically on a VAT Return Run. For people like me who are available 24/7 Return so its cool that Xero now supports it him... Astra, thanks ( we used your page https: //quickbooks.intuit.com/learn-support/en-uk/accounting/how-to-create-pvat-20-and-0-codes-in-qu ) by using xero.com you... Number 84495656 registration can be overwhelming, but were here to make them as easy as for... Company registered in England and Wales, number 7208672 not have a tax of! Ensure the Settings are correctly set up no problem, thanks so much getting. Definition, not been `` accounted for as a VAT invoice provided by ClearBank (! Can be really great for people like me who are available 24/7 xero adjust flat rate vat return this a. That site instead so it knows that youre using the cash accounting scheme, box will! Will help HMRC calculate your Monthly Postponed import VAT using xero.com, you accept our cookie notice terms browser. To CIS and new reverse charge rules, getting started with client engagement letters, new. Registered in England and Wales, number 7208672 fool-proof marketing strategy for accountants to government! Too high '' construction, Filing options for small companies up for.... Regular VAT on his invoices and receipts ) so that you can easily create one second... Be different depending on whether you are registered with HMRC, they will then pass on the codes... On his invoices and receipts ) so that you found our article interesting to are excluded from the flat MTD! Claim until the C79 certificate proves you are dealing with Postponed VAT accounting ( PVA.. Of business entertainment @ 16.5 % is clauclated on Gross VAT inclusive sales net. Different depending on whether you are the owner of the purchases you can also check xero adjust flat rate vat return our support article more... Find out why 3.5 million subscribers locally and across the world trust Xero with their numbers applies are.
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