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Post Info TOPIC: VAT on a standing Order
Nira


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VAT on a standing Order
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Hi

Please can someone provide some advice re the following

I work for a local charity and we have received an annual invoice dated 05/03/14 for £720 (£120 VAT) for Web & IT fees a.

This is paid via a monthly Standing order i.e.. 720/12 which goes out from April 14for the next 12 month period.

I understand that I should enter the invoice this year to claim the VAT back, however not sure how to do the entries in Sage.

Last year we had a similar situation, and our treasurer asked me to enter it as prepayments and do a journal every month to debit IT fees. However I think this is incorrect as we had a STO going out every month. Therefore the dept was chgd twice. (1). Prepayment (2) STO)

Is it possible for me to pass a journal entry this year just for the Tax portion I.e. .Dr  VAT on purchases & Cr Web & IT ?

Or should I claim the VAT every month for the monthly portion (all though the invoice is dated in March2014)

Please advice

Many Thanks

Nira



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Sculfy


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Hi Nira, Is vat done on cash accounting, if so claim vat back as per standing order. If vat is standard accounting then claim it back in the next vat quarter. HTH, Jules

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Jules

www.simplybookkeepingservices.co.uk
Nira


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Hi, that's really helpful, many thanks. Nira

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