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missing receipts - VAT

Jude67
  • Fellow PM.Dip
  • Practice Licence
  • 117 posts
  • # 82882

Hello,

i am finding a few gaps in the books I am working at present, I have queried any missing receipts, in the hope that I will eventually get them.

However in the meantime, how best to record the following types of situation considering that I may have to prepare a VAT return before I get them, or they may have been lost:

1. a supermarket receipt which I know to be a mix of standard rated and zero rated items - should I put it in (sage) as T2 or T9? And will I be able to amend this later and include in a future return? (using Sage - cash accounting scheme).

2. unknown payments - i don't know what they relate to -  T9 until I can identify them/find an invoice? 

Many thanks 
  • Member
  • Practice Licence
  • 88 posts
  • # 83402

Jude67said:

“Hello,

i am finding a few gaps in the books I am working at present, I have queried any missing receipts, in the hope that I will eventually get them.

However in the meantime, how best to record the following types of situation considering that I may have to prepare a VAT return before I get them, or they may have been lost:

1. a supermarket receipt which I know to be a mix of standard rated and zero rated items - should I put it in (sage) as T2 or T9? And will I be able to amend this later and include in a future return? (using Sage - cash accounting scheme).

2. unknown payments - i don't know what they relate to -  T9 until I can identify them/find an invoice? 

Many thanks ”

If you have not got a VAT receipt you cannot claim the VAT!! If I have a number of them I usually work a ball park figure out for how much the client would have claimed back - it usually helps missing receipts turn up! 

Personally I would create a nominal for queried income and for queried expenses and always code them to T9. 
  • 12 posts
  • # 83427

Hi Jude,

I support Louise's reply in that if there is no receipt dont claim back the Vat (I would normally use T0). 

I always tell my clients at the outset that if receipts are available when I need them they get the Vat back, but unless there is a large amount of Vat on a document it costs more in my time than it is worth to go back and amend entries.


Either the client takes care to give me what I need to do their work on time or they pay the price.


This is a harsh but realistic method of getting receipts on time.


Richard         
  • Member
  • Practice Licence
  • 88 posts
  • # 83431

Having just re read my reply - it looks like I work out a ball park figure to reclaim - I don't, but show the client how much they are missing! It usually has the desired affect - and would agree with Richards comments re costs!
Danya
  • Member
  • Practice Licence
  • 124 posts
  • # 83441

With one client, I added up how much they were losing in reclaimable VAT in a quarter by not ensuring they had proper VAT receipts. They were so shocked that they swiftly altered their receipt management!
Danya
  • Member
  • Practice Licence
  • 124 posts
  • # 83442

I would use T9 rather than T0. T0 is zero rating – it is a statement that you know the VAT status and that the rate is zero, which is not the case here.

Also, if you enter a transaction under T0, then the transaction will be reconciled when you create your VAT return on SAGE. That means you will not be able to alter it later if you obtain the receipt. Much easier to enter it as T9 then, if you obtain the receipt later, go into corrections and change the tax coding on it, then sweep it up in the next VAT return.
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