Hi Mark,
Probably an easy one for you but one that if i get wrong could get an inspector asking questions.
Involved in a vehicle accident - not my fault, thankfully.
Insurance sorted everything out but i've now, finally, received the invoice where i have to pay that VAT portion for the repair. I claim this back from the VATman.
So, i have an invoice showing net cost of repairs and the VAT due. There is no payment required from me for the repair costs but i have to pay the VAT and account for it. AND it reduce my VAT liability by same amount. Conveniently, my VAT period is end of month.
I can't be the first person to have this, can i? What's the best way to enter the relevant transactions?
PS. Keep up the good work.
Cheers
Andrew
Hi Andrew,
No, you're not the first person with that problem! See this page for how to create a 'vat-only' invoice:
http://www.solaraccounts.co.uk/forum/topic.php?TopicId=647&Posts=1
(Of course, use a VAT rate of 20% instead of 17.5%)
PS: Thanks!
