[GNC-dev] [GNC] UK VAT and "Making Tax Digital"
maf at chilwell.net
Wed May 8 09:46:34 EDT 2019
Yes, I believe you are correct. IANAA, of course.
Box 5 may of course be negative to get a refund from the HMRC.
the only change I made to the UK VAT accounts structure was to add the contra
boxes as per the Aus. BAS accounts. Keeps the "claimed" payment bits out of
shame it looks like the UK is unique (again) in it's reporting requirements,
and your work won't be more useful around the world.
On Wednesday, 8 May 2019 14:27:03 BST Christopher Lam wrote:
> Ok checking understanding: Report options for tailored UK VAT report should
> request following source accounts:
> (1) Output VAT (on Sales) [Liability]
> (2) Output VAT (Reverse EC Purchases) [Liability]
> (3) Input VAT (on Purchases) [Asset]
> (4) Sales Accounts [any type, default Income]
> (5) Purchase Accounts [any type, default Expense]
> (6) EC Goods Sales [any type, default Income]
> (7) EC Goods Purchases [any type, default Expense]
> Noting that (6) will be subset of (4), ditto (7) subset of (5).
> Box 1 = (1)
> Box 2 = (2)
> Box 3 = (1) + (2)
> Box 4 = (3)
> Box 5 = (1) + (2) - (3)
> Box 6 = (4)
> Box 7 = (5)
> Box 8 = (6)
> Box 9 = (7)
> It would seem the way forward would be a tailored report, requesting the 7
> source accounts as above, and they will by default select accounts
> according to the UK VAT template accounts. e.g. (1) preselected to accounts
> with substrings "VAT" "Output" and "Sales", (2) to accounts with substrings
> "VAT" "Output" "EC", etc.
> Unfortunately the above strategy will not be easily generalisable to other
> countries, let alone other EC VAT reports.
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