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RCT VAT Sage 50

  • 03-11-2016 12:55pm
    #1
    Jood10
    Registered Users, Registered Users 2 Posts: 67 ✭✭


    Hi All,

    I'm really hoping someone can help me out! I've just changed over to Sage 50 from manual accounts all going well except I cant for the life of me figure out how to account for the VAT on a subcontractor invoice when I am the principal. Obviously there is no VAT on the invoice but I still have to account for it in T1 on my return! Can someone help me before i lose all my hair!!!

    Thank you!


Comments

  • #2
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    Very simply...work out the vat that the subcontractor would ordinarily charge. You then add this amount to the vat on outputs/sales AND the vat on inputs/purchases. In this way you account for the vat and claim a credit at the same time so your net vat figure is unchanged.
    By the way, this has nothing to do with sage. You adjust the figures obtained from sage to produce your vat return.


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