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Preparing for Vat Return

  • 16-10-2012 10:26am
    #1
    icetara9
    Registered Users, Registered Users 2 Posts: 6 ✭


    Hi,
    This may seem very basic but I want to be sure I am completing preparation for a VAT return correctly.

    Business is Northern Ireland VAT registered and I am entering all Purchase invoices onto a spreadsheet.
    These invoices include ROI and NI purchases and include things such as stationary, fuel, carparking, accommodation etc...

    What is the best way for me to lay out the spreadsheet.

    Do I need to separate purchases made in ROI and NI?

    Many Thanks in Advance


Comments

  • #2
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    what you are trying to do seems complicated i.e. are you based in N.I.? if so you should be submitting your vat number to ROI suppliers and not paying any vat but this will still have to go on the vat 3 (under ROI rules). Also in ROI you cant claim back vat on accomadation. You may need professional advice or contact Revenue/HMR Customs for further advice.


  • #3
    icetara9
    Registered Users, Registered Users 2 Posts: 6 ✭icetara9


    viztopia wrote: »
    what you are trying to do seems complicated i.e. are you based in N.I.? if so you should be submitting your vat number to ROI suppliers and not paying any vat but this will still have to go on the vat 3 (under ROI rules). Also in ROI you cant claim back vat on accomadation. You may need professional advice or contact Revenue/HMR Customs for further advice.

    Thanks for your reply,
    I have been given the job of adding all purchases to a spreadsheet for a company based in NI.
    Many of these are fuel receipts from service stations, hotel & restaurant bills, and general expenses and many of them have vat detailed on the receipts.

    What I have started doing is keeping 2 spreadsheets one for NI and UK purchases and one for ROI purchases detailing the net, vat and gross amounts for each.

    The business owner then gives these to his accountant to prepare the VAT return.

    Do you think I am missing anything?
    The company don't use any accounts software.


  • #4
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    ok. what you are doing seems fine as the accountant will pick up any mistakes/errors. I would advise that you should at least have a telephone conversation with the accountant when they have had a chance to review the spreadsheet to see if they have any recommendations. This will only help to save money in the long run.


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