Claiming VAT on Receipts without VAT detail
Discussion
Having a little discussion amongst ourselves here, on claiming VAT on petty cash receipts that don't have a VAT breakdown, ie just a VAT number. I have noticed that B&Q don't do supply a VAT receipt without you having to ask.
I am of the opinion that you should not claim VAT unless you have a full receipt. We are a cash business, I can imagine will get inspected at some point.
Others have told me that they have put through many receipts without any trouble from the accountant or HMRC.
Do I just reclaim the VAT on all rated purchase, or shall I remain a good boy and follow HMRC's guidelines?
Cheers,
smele.
I am of the opinion that you should not claim VAT unless you have a full receipt. We are a cash business, I can imagine will get inspected at some point.
Others have told me that they have put through many receipts without any trouble from the accountant or HMRC.
Do I just reclaim the VAT on all rated purchase, or shall I remain a good boy and follow HMRC's guidelines?
Cheers,
smele.
You don't require a full VAT receipt in order to reclain Input VAT on small purchases. Small equates to a VAT inclusive value of £250.
What HMRC says -
Where simplified or modified VAT invoices can be issued
Simplified VAT invoices
If you make retail sales and you make a sale of goods or services for £250 or less including VAT, then when a customer asks for a VAT invoice, you can issue a simplified VAT invoice that only needs to show:
the seller's name and address
the seller's VAT registration number
the time of supply (tax point)
a description of the goods or services
Also, if the supply includes items at different VAT rates then for each different VAT rate, your simplified VAT invoice must also show:
the total price including VAT
the VAT rate applicable to the item
If you accept credit cards, then you can create a less detailed invoice by adapting the sales voucher you give the cardholder when you make the sale. It must show the information described in the six bullets above
You do need to keep copies of any less detailed invoices you issue.
What HMRC says -
Where simplified or modified VAT invoices can be issued
Simplified VAT invoices
If you make retail sales and you make a sale of goods or services for £250 or less including VAT, then when a customer asks for a VAT invoice, you can issue a simplified VAT invoice that only needs to show:
the seller's name and address
the seller's VAT registration number
the time of supply (tax point)
a description of the goods or services
Also, if the supply includes items at different VAT rates then for each different VAT rate, your simplified VAT invoice must also show:
the total price including VAT
the VAT rate applicable to the item
If you accept credit cards, then you can create a less detailed invoice by adapting the sales voucher you give the cardholder when you make the sale. It must show the information described in the six bullets above
You do need to keep copies of any less detailed invoices you issue.
smele said:
Some of these B&Q receipts, for example are well over £250. Will just have to make sure that we get them at the till.
Most of the small ones have a VAT breakdown, I don't know why companies can't standardise. Poundland receipts, fully detailed, but only ever a few pounds.
Retail outlets on the whole don't issue a VAT invoice unless requested to do so. Even a simplified VAT invoice is more detailed than a normal till receipt. Make sure the purchaser requests a VAT invoice in future.Most of the small ones have a VAT breakdown, I don't know why companies can't standardise. Poundland receipts, fully detailed, but only ever a few pounds.
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