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Lindsey McCormick

VAT tax codes where not able to claim back 100% of VAT input paid

SOLVED
Posted By

Our entity does not make 100% taxable supplies, which means that we are only able to claim a proportion of the UK input VAT paid as well as reverse charge input VAT on foreign goods purchased. Is there any way to set these tax codes up in Sage 50 Cloud Accounts? Or would we just have to manually adjust the VAT amounts via journal entry?

  • 0

    Hi Lindsey,

    Thanks for using our Product Support Community.

    Which VAT scheme are you using, e.g. Standard VAT, VAT Cash Accounting, Flat Rate VAT - Invoice Based, Flat Rate VAT - Cash Based, etc?

    You can amend existing VAT codes and create new ones in Settings > Configuration > Tax codes tab.

  • 0
    Hi Paul

    We use the Standard VAT scheme. How would you set up the reverse charge VAT rate where the input reverse charge VAT to be claimed is not equal to the reverse charge output VAT payable?
  • 0
    verified answer

    Thanks Lindsey.

    It’s not currently possible to create the VAT codes in Sage 50 Accounts. However, you can log this as a suggestion to improve our Sage 50 Accounts software on our Ideas Community.

    To log your idea select SAGE 50CLOUD ACCOUNTING and then New.

    Once logged, we’ll be able to use your idea and help us to shape your Sage software. Other customers will also be able to vote on your idea.

    As a workaround you can post the relevant journals to make the required adjustments. You can also use the Adjustments option to make adjustments to your final VAT Return figures.

*Community Hub is the new name for Sage City