input VAT

Question asked by Elena Yudina 8 years ago

Hi,

As our company is based in Malta is it ok to use option Goods/services from UK supplier in order to record a purchase from local (Maltese supplier)? Can it be customized and changed to "Malta supplier"?

6 Replies

Hi Elena,

The two items you can see in Box 1 are EU sales and therefore have the reverse charge applied. This means that they also appear in Box 4 (Purchases). This cancels the VAT out and this is the reason they appear there on the VAT return. You can see that the rate is set to 0% for both of these, so there is nothing to worry about at all.

Thanks Chris

Hi Elena,

Unfortunately this is not be possible to do at the moment and hence why I've converted the post from a question to an idea. Now that it's converted to an idea it would certainly be interesting to see how other users feel about this issue and whether it would be something they would like to see too. As with all our ideas the more popular it is the more likely the developers are to consider it for implementation as a main feature.

All the best,

Shaz

Thanks! But for VAT purposes to see amount of local VAT then its ok to use Goods/services from UK supplier? I suppose that this option was meant to be used bu UK businesses to account for VAT from other uk entities, right?

Hi Elena,

Sorry for the delay in responding to this post. I can confirm that the option to select VAT treatment to use goods/services from UK supplier is used for UK businesses to account for VAT from other UK entities.

What you are requesting for, would be a feature request where a Maltese or other non UK based company can select a VAT treatment to incorporate the locat VAT rate on goods/ services from Malta or other non UK location.

However, there is an option for you to set the manual vat rate on invoices and bills, which you might find of certain benefit.

Please let me know if there is anything else I can do to assist you?

All the best,

Shaz

Hi Shaz,

Can you please have a look at provisional VAT return that I try to generate for Exante for December. Why do I have VAT on Sales? We're exempt. What is behind the allocation?

Hi Elena,

The two items you can see in Box 1 are EU sales and therefore have the reverse charge applied. This means that they also appear in Box 4 (Purchases). This cancels the VAT out and this is the reason they appear there on the VAT return. You can see that the rate is set to 0% for both of these, so there is nothing to worry about at all.

Thanks Chris

Reply to this question

Attach images by dragging and dropping or upload
 

Your comments will be public and can be answered by anyone in the Clear Books community.

Find out what we do and who we are