Purchases Subject to Tax Zero Rated Total
Anthony07
Member Posts: 2
My Sales Tax Report shows the total amount of sales which are zero rated for VAT (UK) but the Purchases Subject to Tax Zero Rated shows as £0.00 even though I've made a number of purchases so need to know if there's a way to have the total value of zero rated purchases shown as need a combined purchases figure for VAT return?
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Comments
Hey @Anthony07. It sounds like you may have not checked off the box as a recoverable tax in Wave which would prevent it from displaying any information in the reports section here. This help centre article should give you a bit more insight in terms of how this should look like in Wave; https://support.waveapps.com/hc/en-us/articles/208623426-Taxes-Recoverable-vs-Non-Recoverable -- with that said, once you have created the tax and made sure that it's listed as recoverable, then recategorize those transactions, the Sales Tax report will have the information you are looking for.
Thanks @JamieD , that's the issue, since it's 0% there's nothing to recover so didn't tick that box as didn't realise it would cause a problem, live and learn!
@Anthony07 Glad to hear that resolved your issue! Sorry for the confusion with the checkbox - I can definitely understand why you wouldn't have thought to check it off since it's 0%. Thank you for helping us live and learn as well!