Comprehensive VAT processing facilities

  • HMRC MTD compliant VAT returns
  • Maintain 8 rates of VAT for inputs and outputs
  • Default ‘Outside the scope of VAT’ code for any analysis account
  • Set default VAT settings for income and expenditure bookings to facilitate partial VAT processing
  • Accommodate monthly, quarterly or yearly VAT periods

 

If your charity is VAT registered then full VAT facilities are available in all relevant transaction entry programs.

The VAT register maintains eight VAT codes for inputs and outputs where Code 7 is fixed as ‘Outside the scope of VAT’ and Code 8 is fixed as ‘Exempt’. VAT percentage rates can be set to Codes 1 to 6 via the VAT Rates Maintenance program. Separate default VAT codes for inputs and outputs can be specified.  Also, defaults can be set for whether entered input or output values are VAT inclusive or exclusive. These defaults can simplify transaction entry where partial VAT schemes are in place. The VAT register for any VAT period can be printed on demand via the VAT Report program.

An additional feature allows a VAT code to be optionally set against a nominal account via the Nominal Account Maintenance program. This would typically be used to mark certain analysis codes as ‘outside the scope of VAT’ or where a special VAT rate applies.

When inputting transactions, where a computed VAT total does not match the VAT total on the source document, a ‘VAT override’ facility is available to adjust the figures for each VAT rate.

The Close VAT Period program will close the oldest open VAT period and print the VAT register report showing inputs and outputs for each code. Transmission of the VAT return to HMRC as per the Making Tax Digital (MTD) requirement is a standard facility. For audit purposes a VAT Transaction List is available to list the transactions included within any VAT period.