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Reclaiming VAT
Newsletter issue - November 2011.
Before you can reclaim VAT on goods and services you have bought you need to check the following:
- The purchase was for business purposes – not for your personal needs.
- The purchase is not a type that is 'blocked' for VAT reclaims, such as entertaining expenses.
- You have a valid VAT invoice.
A valid VAT invoice should include all of the following details:
- The supplier's name, address and VAT registration number.
- Unique invoice number for that supplier.
- The name and address of the person to whom the goods are supplied (this will be your business).
- Date of issue of the invoice and time of supply of the goods or services (this may be the same as the date of issue).
- A description of the goods or services supplied including:
- The unit price
- The rate of VAT charged
- The amount payable excluding VAT
- The total amount payable for the whole invoice excluding VAT.
- Rate of any discount available.
- Total amount of VAT charged.
Retailers can issue less detailed invoices for purchase of up to £250, but that invoice must still show key details such as the name, address and VAT number of the supplier, nature of the goods and the rate of VAT applicable.
Be careful not to mistake any of the following documents for a valid VAT invoice:
- Supplier statement;
- Delivery note;
- Request for payment; or
- Pro-forma invoice.
Ask us if you have any doubts about the documentation provided by your supplier.
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
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