CB VAT calculation incorrect

Problem reported by Dave Gibbs 8 years ago

Hi, I was wondering if you could help me, it seems that VAT is being incorrectly calculated by CB, I have lots of CIS sub contractors working for me, some CIS 20%, some CIS Gross and some also VAT registered (20%)

Here is an example of the incorrect VAT calculates by CB;

•Entity = CIS labour revenue 20%, payment amount was £182.50, Vat set to 20%, CB returns a vat figure of £30.42, the correct figure should be £36.50

See full Calc; £182.50 - £36.50 (20% CIS) + £36.50 (20% VAT) = £182.50 to pay

Why is the CB calculating the vat on the transaction once imported to be £30.42?

Thanks for help in advance..!!

Solved
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1 Reply

Hi there I hope you are well, looking at the figures you have used it appears that the £182.50 is being treated as VAT inclusive rather than exclusive. I don't use the CIS version of Clear Books so can't be sure, but the issue could be caused by manually typing £182.50 into the gross box rather than the net box when raising the invoice.

Worth a double check at least?

8 years ago

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