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Post Info TOPIC: Sole Trader Treatment on sage
JulieG


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Sole Trader Treatment on sage
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Just took on a sole trader, not VAT registered (way under threshold).

They want thier account on sage, I know I raise all thier invoices to thier clients as T9, but how do I treat supplier invoices....?

As I won't be submitting a VAT return for them do I code all thier suppliers as T9 too. 

I'm worried if I code them as T1 and breakdown the VAT thier profits for the year will be greater, as only the nett amount will be taken into consideration. They'll then end up with a bigger Tax bill.  When techincally speaking they've outlayed the whole of the gross cost.

Advice much appreciated.

Regards, JulieG



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Julie Gratton
semsley


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As they are not VAT registered you can put everything to T1 which is what sage defaults to and change the rate in T1 to 0 in the settings.

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Advice from beyond the grave!!!

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JulieG


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Thanks for the advice - seems obvious now you've said!

Should I also raise thier invoices to clients as T0 in the same way then - rather than T9?

 

Regards, JulieG



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Julie Gratton
semsley


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Yes it makes life a lot easier. Obviously if they look like they're about to reach the VAT threshold you'll have to change tack.

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JulieG


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thankyou!

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Julie Gratton
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