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ICB Main Site -> Forum Home -> Technical Queries -> missing receipts - VAT
missing receipts - VAT
Mon 28 May 2012 07:07 PM
Jude67

Jude67

Member CB.Dip PM.Dip
Practice Licence


112 posts
Hello,

i am finding a few gaps in the books I am working at present, I have queried any missing receipts, in the hope that I will eventually get them.

However in the meantime, how best to record the following types of situation considering that I may have to prepare a VAT return before I get them, or they may have been lost:

1. a supermarket receipt which I know to be a mix of standard rated and zero rated items - should I put it in (sage) as T2 or T9? And will I be able to amend this later and include in a future return? (using Sage - cash accounting scheme).

2. unknown payments - i don't know what they relate to -  T9 until I can identify them/find an invoice? 

Many thanks 
 
 
 
Mon 25 Jun 2012 10:06 AM
Louise T
Associate CB.Cert
Practice Licence


63 posts
Jude67said:
“Hello,

i am finding a few gaps in the books I am working at present, I have queried any missing receipts, in the hope that I will eventually get them.

However in the meantime, how best to record the following types of situation considering that I may have to prepare a VAT return before I get them, or they may have been lost:

1. a supermarket receipt which I know to be a mix of standard rated and zero rated items - should I put it in (sage) as T2 or T9? And will I be able to amend this later and include in a future return? (using Sage - cash accounting scheme).

2. unknown payments - i don't know what they relate to -  T9 until I can identify them/find an invoice? 

Many thanks ”


If you have not got a VAT receipt you cannot claim the VAT!! If I have a number of them I usually work a ball park figure out for how much the client would have claimed back - it usually helps missing receipts turn up! 

Personally I would create a nominal for queried income and for queried expenses and always code them to T9. 
 
 
 
Mon 25 Jun 2012 07:28 PM
Richard
Associate CB.Cert
Practice Licence


12 posts
Hi Jude,

I support Louise's reply in that if there is no receipt dont claim back the Vat (I would normally use T0). 

I always tell my clients at the outset that if receipts are available when I need them they get the Vat back, but unless there is a large amount of Vat on a document it costs more in my time than it is worth to go back and amend entries.


Either the client takes care to give me what I need to do their work on time or they pay the price.


This is a harsh but realistic method of getting receipts on time.


Richard         
 
 
 
Mon 25 Jun 2012 08:15 PM
Louise T
Associate CB.Cert
Practice Licence


63 posts
Having just re read my reply - it looks like I work out a ball park figure to reclaim - I don't, but show the client how much they are missing! It usually has the desired affect - and would agree with Richards comments re costs!  
 
 
Tue 26 Jun 2012 01:28 AM
Danya

Danya

Member CB.Dip
Practice Licence


112 posts
With one client, I added up how much they were losing in reclaimable VAT in a quarter by not ensuring they had proper VAT receipts. They were so shocked that they swiftly altered their receipt management!  
 
 
Tue 26 Jun 2012 01:28 AM
Danya

Danya

Member CB.Dip
Practice Licence


112 posts
I would use T9 rather than T0. T0 is zero rating – it is a statement that you know the VAT status and that the rate is zero, which is not the case here.

Also, if you enter a transaction under T0, then the transaction will be reconciled when you create your VAT return on SAGE. That means you will not be able to alter it later if you obtain the receipt. Much easier to enter it as T9 then, if you obtain the receipt later, go into corrections and change the tax coding on it, then sweep it up in the next VAT return.
 
 
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