Hi guys,
I need to produce the list of (open) invoices with net amount - tax amount - total amount for given period and preferably (if possible) with tax code (UK VAT). I am able to find just a list with totals (per invoice/customor). Which report would give me such invoice split?
Thanks
check the Tax Transactions report.
you will not get the Sub-Total. but you can export it to excel and easily add a column with formula which would subtract the Tax amount from Total.
But the Tax Transactions report does not give you just the open invoices. As far as I can tell there isn’t a report that will fit @solnce 's decription.
You are right, Tax Transactions give totals per customer.
If there is no such report, I would suggest creating it as it is very handy when it comes to manual tax return and doing tax projections.
@Solnce, can you explain just how and why this report would be useful? Tax authorities don’t care whether an invoice has been paid or not. They care only that it has been assessed. What specific information is needed on what manual tax return that this report would provide? And how would it help with tax projections, since it only includes past transactions?
Main reason is that I am sharing that information with production team, their performance is being assessed an sales volume (without VAT), they have received budgets from their customers and need to stay within their budgets. Simple clean list of invoices with Net/Gross amounts over period is the information I am supplying them and use that for production planning and bonusing.
I use such list of invoices to be able to have VAT return breakdown in case of inspection, to file into the archive and to catch mistakes in VAT return. Basically this is a habit of very quick manual VAT calculation calculation before submitting.
If I see that at the end of VAT quarter I have invoice with big amount of VAT and I do not expect it to be paid shortly, I may move that invoice to next quarter. Moving invoice to next month gives me three month VAT holiday for that invoice.
Hope you don’t get a tax audit in that period, I think you will find that Invoice shifting is illegal.
Your cash flow is not a consideration within the tax act.
This is the purpose of the tax reports.
Why? The data remains available. You can always call up past transactions. Having a piece of paper to file seems poor justification for an accounting report that duplicates information already available.
How does this help? If you have mistakes in your transactions, producing another report from the same data will not reveal them.
Further, your explanations have varied through this thread. You began by requesting a list of open invoices. Now you have supported the request by saying that list of open invoices will facilitate production planning, adherence to customer budgets, and bonus determination. For all of those you would need past invoices, too. Likewise, tax calculations rely on more than open invoices.
There are 14 days given to issue invoice from delivery day. What is illegal here?
Also, my question was about producing report for business needs, so I would leave questioning legal things aside.
Thanks
Ye, I just find out that there is such.
It is ok, I can export it to excel, but it mixes date, customer name and invoice number into one single row and this requires additional work to separate that. Besides that , it is fine.
This is how it was done in this company before me. It is bit old school, but I do not have the reasons the change that at the moment.
I wanted to say catch mistakes in transactions.
Your original comment implies that any invoice within that VAT quarter that remains unpaid could be shifted.
There is a legal difference between 1) given 14 days to issue (date) the invoice from the delivery day and 2) the deliberate action of re-dating an invoice so as to avoid the tax payment until a later period.
The difficulty here is that your customer with the originally dated invoice will be claiming the VAT in this period and you with your re-dated invoice will be deferring the VAT until the next period, or to put it another way, your re-dating of the invoice is causing your customer to claim the VAT refund before the re-dated invoice entitles them to.
Why? Any statement you put on the forum is open to comment, especially by those who are qualified to comment.
My original question was about producing report. Do you have to anything to tell about that?
You are free to discuss this with HMRC, they allow 14 days, this means that they allow.
Every post has a topic and I would expect to have discussion within that frame. If you are unsure about the topic, you can always check this at the top of the page.
Yes, but if the original poster expands their topic with other commentary so as to explain their topic, then that commentary becomes part of their topic / discussion and open to comment.
to Soince:
(I know this is an old post, but here we go anyway…)
Without bending rules it’s in fact quiet simple :
So you can never, as you stated do this “Moving invoice to next month gives me three month VAT holiday for that invoice”
Because if everybody who sells something who do this to report payable VAT to next VAT period, what stops the buyers to account a purchase invoice dated day 1 of VAT quarter II on day 31 of previous VAT quarter I ?
I claim what I’m allowed to claim in the correct period, and I pay what I have to pay in the correct period too.
Imagine if yoru customer applies your way of thinking when you send him your invoice :“let’s book it in next quarter, and I’ll pay Soince also in next quarter.” I will claim 20% vat on that invoice 3 months later than allowed, but it gives me a quarter holiday on payment of the full amount I owe Soince"
A cheater can always be cheated by a better cheater !
At the beginning of my reply I stated that this is a reply to an old post. So I wonder… applying your way of thinking to your accounting and tax obligations… are you still in business ?
