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Post Info TOPIC: VAT 407: Non-Business VAT refunds query


Newbie

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VAT 407: Non-Business VAT refunds query


Hello,

A gents outfitters client made a sale to a holidaying customer who lives in Australia.

They're able to claim back the VAT on their purchase via the Retail Export scheme.

Gross amount of the purchase was £360.00

They have claimed back the VAT element of £60.00 which was refunded a month later.

 

What is the correct procedure for recording this in respect of the VAT due on Sales?

 

 

 

 

 

 



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Guru

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Zero rated



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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A thank you to Doug wouldnt go amiss!

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 Joanne  

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position (and my that I dont mean with HMRC)



Newbie

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I truly apologise for the delay in replying and offer my gratitude to Doug for his reply.

How would the scenario work with regard to takings though -
If the original purchase was split as follows as part of the daily takings:

Gross. VAT. Net
£360. £60. £300

...should the £60 become a part of the Net figure when the VAT refund is processed a month later by adjusting the takings split for the day of purchase?





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Senior Member

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Why is your Accountant not helping with this?

 

What do you mean 'part of the net'.  Can you at least talk in debits/credits (double entry)?

 

Think it through.  What are you trying to do. 

 

 



-- Edited by Casu on Wednesday 27th of November 2019 11:19:10 PM

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Master Book-keeper

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You need to get some decent professional assistance. This is pretty basic stuff.

It's a VAT issue. The clue is in that.

Agree basic double entry should feature in this discussion.



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 Joanne  

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position (and my that I dont mean with HMRC)



Master Book-keeper

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Posts: 8295
Date:

duplicated.



-- Edited by Cheshire on Thursday 28th of November 2019 10:53:39 PM

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 Joanne  

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position (and my that I dont mean with HMRC)



Newbie

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Posts: 3
Date:

I posted the query on here in order to seek helpful advice from fellow book-keepers prior to speaking to an Accountant.
If the query is seemingly so straightforward, one would surely expect a helpful solution to the query.

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Master Book-keeper

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MikeB wrote:

I posted the query on here in order to seek helpful advice from fellow book-keepers prior to speaking to an Accountant.
If the query is seemingly so straightforward, one would surely expect a helpful solution to the query.


 'Expect'

!!

You have had your solution, above.

if you 'expect' further help, then talk like a 'fellow' Accounting professional.

 

 

 

 

 



-- Edited by Cheshire on Wednesday 11th of December 2019 08:30:45 AM

__________________

 Joanne  

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position (and my that I dont mean with HMRC)

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