VAT Report
reach_suki
Member Posts: 3
Although i've managed to add VAT as a sales tax to my invoices. I can't see it reporting separately which makes it virtually impossible for me to file my VAT without having to manually add the numbers up
Anyone know how i can sort this?
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Comments
Have you also created a "sales" tax for your input vat too?
Regards
Andrew
Ummmm i thought i'd followed how it directed to add a new tax in, but maybe not. Where would i check that Andrew?
Go to settings, and then to sales taxes, then you can add sales tax rates. just create one for sales themselves with a rate of 20% assuming all are standard rated) - add differing rates if you do zero, exempt or lower rates, then repeat the same for inputs. In each case name them as Outputs (20%), Outputs (5%)... (for income), and then Inputs (20%), Inputs (5%).... for all your expenditure that you are reclaiming VAT from.
Regards
Andrew
Are you aware of the implications of making tax digital on your business?
At the moment Wave some a little behind the door in issuing a definitive statement on whether or not they are going to make the necessary software amendments to facilitate the use of the HMRC API interface that all software houses will have to offer if they are to let their users file their VAT returns under the new regime. The new rules come into place for all returns whose VAT period begins on 1 April 2019 - you will not be able to log onto HMRC as you may well do now and fill the return in online.
There are some developers out there that are also creating stand alone software that will enable you to populate the return form boxes within their software (by manual entry) to then file via the HMRC interface, so in that respect you would not need to abandon Wave BUT from the research I have done so far these stand alone products aren't coming in cheap, so you might have to consider your options at some point in the next 3 months.
Regards
Andrew
thanks Andrew, i'm aware of the HMRC implications as of next year. Hopeful that Wave will be able to make the changes, if not back over to Xero, FreeAgent or ReckonOne
Really appreciate your help
S