VAT partial exemption

Question asked by Maryjane Hartwell 3 years ago

Hi everyone,

VAT now applies to some of our business activites but means I have to apply different rules - Partial Exemption. Any idea how I can do this within Clearbooks?

Thanks in advance for all helpful advice

Regards

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3 Replies

Hi Maryjane,

If you are not eligible for partial exemption VAT you would have to apply a manual VAT rate and apply the amount of VAT that you are partial liable for. You would also need to upgrade to the large plan if you are not currently already on this.

All the best,

Mohamed.

Best answer
3 years ago

HI Mohamed,

We are on the large plan - thank you.

Just for clarity - HMRC state we need to determine the residual input tax at end of quarter to as depending on variable volumes the percentage of the residual input tax that will be recoverable will vary. It is not possible to change VAT rate on an invoice in Clearbooks once payment has been allocated to it. Am I missing something or are we going to have to duplicate work by unreconciling payments to change VAT rate?

Thanks

3 years ago

Hi Maryjane,

I am afraid in that case this might not be supported for you after all. I apologise.

All the best,

Mohamed.

3 years ago

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