putting through Non VAT Receipts

[minestrone]

Doing my accounts today and already found 2 receipts that do not have VAT figures on them.

Can I just put them through and work out the VAT @ 17.5 % as it was then or do they go in the bin and I have to pay for my own stupidity.

I am on the flat rate as well if that makes any difference.

[Gonzo]

Doing my accounts today and already found 2 receipts that do not have VAT figures on them.

Can I just put them through and work out the VAT @ 17.5 % as it was then or do they go in the bin and I have to pay for my own stupidity.

I am on the flat rate as well if that makes any difference.

Er, yes, that makes quite a lot of difference (assuming you mean the flat-rate VAT scheme).

Just put them through and remember to ask for a VAT invoice next time.

[minestrone]

cheers

[Gonzo]

cheers

One of the major benefits of the flat-rate VAT scheme is that you don't have to keep VAT receipts for purchases and then offset the VAT paid against the VAT collected.

For businesses that don't have many expenses that benefit can be overlooked but for businesses that do incur a large number of expenses it is a real time-saver.

[MPwannadecentincome]

The figures are not there but is the VAT number there? If so you may be OK - phone HMRC and check.

I had no choice with an invoice from BAA for airport car parking - they just told me they issued all their invoices with a total and the vat number.

[oraclesmith]

Doing my accounts today and already found 2 receipts that do not have VAT figures on them.

Can I just put them through and work out the VAT @ 17.5 % as it was then or do they go in the bin and I have to pay for my own stupidity.

I am on the flat rate as well if that makes any difference.

If you're on the flat rate scheme then you record the gross amount in your accounts and don't split out the input VAT. You can't claim the VAT back from HMRC so it shouldn't matter whether the receipts show the VAT breakdown or not. I'm on the FRS and I used to record the net/VAT breakdown in the company accounts but got told not to do so by my accountant. They told me that they had to do extra work on the accounts to post all the VAT back to the expenses codes. Obviously your output VAT (ie. what you charge on your invoice to the client) is different.

If you mean that you need to present these expenses receipts through to your client, then I guess that depends on their VAT circumstances. I charge an amount equivalent to the expenses incurred, as an attendance on site fee or suchlike, and then add VAT. This means the client picks up the cost of the expenses PLUS VAT. They pay you the full amount and you pass the agreed percentage of the full amount to the HRMC on your VAT return. ie. you convert the expenes you incurred into a one-off charge to the client which attracts VAT. They claim back their VAT on YOUR invoice, not the receipts you collected. You are not an employee !!

In my humble opinion, of course - not being an accountant myself.