Summary
Description
The VAT module contains all of the features available to help you comply with VAT obligations in the UK and Ireland. Let's take a look.
Resolution
Contents
UK VAT
If your software is set up for the UK, the following options are available in the VAT module.
Scale charges
NOTE: This option isn't available in Sage 50 Essentials.
If your company is registered for VAT you can reclaim the VAT element of any expenditure on fuel provided by your company for use with company cars. This usage includes both private and business mileage. In return, HM Revenue & Customs (HMRC) require a charge to be paid.
If you need to record fuel scale charges, this wizard posts the appropriate charge values for your company vehicles. This wizard should be used in conjunction with Public Notice 700/64 available from www.hmrc.gov.uk
VAT Return
You can use the VAT Return to calculate your VAT Return figures automatically at the end of your VAT period. These figures may be analysed by drilling down on the boxes of the return, and reconciled against a range of supporting VAT Reports. You can then submit the return electronically to HMRC.
EC Sales
You can use the EC Sales option to generate an EC Sales list as required by HMRC. This list may be transcribed to your paper copy or submitted electronically to HMRC.
Reverse charge
If you trade in mobile phones or computer chips with other VAT registered companies, either as part of your day-to-day trading or for your business' own use, and the value of these goods exceeds £5000 on an invoice, you must account for the sale and purchase of these goods in a particular way.
You can use the Reverse Charge feature to generate a list of any reverse charge transactions that you've recorded during your VAT period. This list must be submitted to HMRC with your VAT Return. With the Reverse Charge feature you can create a .csv file of relevant transactions that you can submit via the Government Gateway.
NOTE: Reverse charge legislation also includes business to business trade in emissions licences in the UK. There's no de minimis limit so the legislation applies to all values of trade, however transactions don't need to be included on a Reverse Charge Sales List. For further information, please refer to HMRC Brief 35/10 and Public Notice 735.
VAT audit
The VAT audit option checks for problems with VAT values on your accounts transactions. Use this feature to help you to minimise your VAT liability and ensure that you're following best accounting practice.
Tax values audit
You can use this option to check for transactions where the VAT value is different from the expected amount of VAT given the net value and tax code. Use the date range to control the transactions you want to analyse. You can set a tolerance percentage to allow for slight differences and rounding. The tolerance percentage is applied to the VAT amount.
Verification reports
You can use this option to quickly access additional reports to help you verify the figures on your VAT Return.
Reports
Use this option to open your VAT Reports folders including tax analysis reports and reports for various VAT schemes.
Other options
- Delete - Use this option to delete any returns that are no longer required.
- Swap - If you've selected some items, use this option to reverse the selection.
- Clear - If you've selected some items, use this option to clear the selections.
- Print list - Use this option to print the list of items in this window.
- Send to Excel - Use this option to export the list details to Excel.
- VAT Help - Opens the VAT Help window which provides more in-depth guidance around VAT.
- Show me how - Opens current in-product guidance on useful VAT features and common tasks.
For further help with VAT, you can also visit our VAT Help centre.
Ireland VAT
If your software is set up for Ireland, the following options are available in the VAT module.
VAT Return
You can use the VAT Return to calculate your VAT Return figures automatically at the end of your VAT period. These figures may be analysed by drilling down on the boxes of the return, and reconciled against a range of supporting VAT Reports. It creates an XML file that you can submit to Revenue through the Revenue Online Service (ROS)
VIES Return
If you're registered for VAT, and supply goods and services to customers in the EC, you need to submit a VAT Information Exchange System (VIES) Return to Revenue. In the case of a multi-company environment, you must submit a VIES Return for each company.
You can use the VIES Return option to create and save a VIES Return, ready to upload to ROS.
RTD
If you're VAT registered, you must submit an annual return of trading details (RTD) form to Revenue. The RTD provides a breakdown of the supply of goods and services, imports and deductible inputs that apply during your financial year. This includes all Irish, Intra-EU and non-EU trade transactions.
You can use the RTD option to calculate the values you need to fill in the Revenue RTD form.
VAT audit
The VAT audit option checks for problems with VAT values on your accounts transactions. Use this feature to help you to minimise your VAT liability and ensure that you're following best accounting practice.
Tax values audit
You can use this option to check for transactions where the VAT value is different from the expected amount of VAT given the net value and tax code. Use the date range to control the transactions you want to analyse. You can set a tolerance percentage to allow for slight differences and rounding. The tolerance percentage is applied to the VAT amount.
Verification reports
You can use this option to quickly access additional reports to help you verify the figures on your VAT Return.
Reports
Use this option to open your VAT Reports folders including tax analysis reports and reports for various VAT schemes.
Other options
- Delete - Use this option to delete any returns that are no longer required.
- Swap - If you've selected some items, use this option to reverse the selection.
- Clear - If you've selected some items, use this option to clear the selections.
- Print list - Use this option to print the list of items in this window.
- Send to Excel - Use this option to export the list details to Excel.
- VAT Help - Opens the VAT Help window which provides more in-depth guidance around VAT.
- Show me how - Opens current in-product guidance on useful VAT features and common tasks.
For further help with VAT, you can also visit our VAT Help centre.
Africa
Asia
Australia
Canada
France
Ireland
Kenya
Nigeria
Portugal
South Africa
Spain
United Arab Emirates
United States
Germany