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VAT - Partially Exempt Companies/Non-recoverable VAT
Jonathan2708
Member Posts: 552
Hi,
I have a customer where most of their purchase VAT is non-recoverable because most of their sales are zero rated. Where their purchases are non-recoverable they need the full gross invoice amount to be posted to the P&L account, however we also need to have the split of goods/VAT available to report so they can report to HMRC the value of VAT on overhead related activities as they are able to reclaim a portion of these. I've been looking at this but I cannot see how the VAT setup for this can be achieved in NAV. It's almost a new 'VAT Calculation Type'. Other systems have a feature for this.
Any help appreciated,
Jonathan
I have a customer where most of their purchase VAT is non-recoverable because most of their sales are zero rated. Where their purchases are non-recoverable they need the full gross invoice amount to be posted to the P&L account, however we also need to have the split of goods/VAT available to report so they can report to HMRC the value of VAT on overhead related activities as they are able to reclaim a portion of these. I've been looking at this but I cannot see how the VAT setup for this can be achieved in NAV. It's almost a new 'VAT Calculation Type'. Other systems have a feature for this.
Any help appreciated,
Jonathan
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