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reverse charge VAT from a subcontractor

  • 20-01-2011 1:59pm
    #1
    catallyjane
    Closed Accounts Posts: 2 ✭


    Please help, how do i show on paper, a reverse charge of VAT from a subcontractor? I know it has to go down in my purchases book as paid but it also has to go in my Sales book and then it all evens out but how do I do it? Do I put it as a completely seperate entry to my income or what? Can anyone help me out? Iam the principal contractor in this case. Thank you.


Comments

  • #2
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    catallyjane wrote: »
    Please help, how do i show on paper, a reverse charge of VAT from a subcontractor? I know it has to go down in my purchases book as paid but it also has to go in my Sales book and then it all evens out but how do I do it? Do I put it as a completely seperate entry to my income or what? Can anyone help me out? Iam the principal contractor in this case. Thank you.
    Are you keeping records manually or on software?

    This will help too:

    www.revenue.ie/en/tax/vat/property/reverse-charge.pdf

    and this will show you what to do for your vat return

    www.revenue.ie/en/tax/vat/guide/vat-guide-ch13.pdf


  • #3
    catallyjane
    Closed Accounts Posts: 2 ✭catallyjane


    Thanks for that, I will study them up later. I do my own accounts manually, just a big red book with outgoings in one end and income in the other. Do i put the whole invoice from the subbie ( gross, net & vat ) in my income section in a seperate line? That is what some have suggested but then it looks like I have earned it twice as I already have it included in the main income I received as payment for the work done. Does that make any sense? Thanks again.


  • #4
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    No you simply include it in purchases. For me the easiest way for you to do it is to include it gross (i.e no vat). Then when doing your vat return manually add the vat element to both the T1 and T2 figures.

    You should also consider computerising your accounts, something like Tas is very easy to use with a few hours training.

    If you ever need anything PM me or click on my user name and you ll see my practices website address. The webpage is only basic but we are in the process of developing it at present.

    Regards,

    Brian


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