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Does Business Finance Assistant check that all transactions have the correct VAT assigned?

  • Updated

No, it is your responsibility to ensure that the correct VAT rate is assigned to all transactions reported on your VAT return.

To review your transactions and adjust the VAT rate if required:

  • Go to ‘Bank Transactions’ in the main menu
  • Select the transaction
  • Select the correct VAT rate from the dropdown list
  • Press 'Confirm' once all fields have been populated

The transaction will only appear in your VAT return when it has been 'Confirmed'

It is also your responsibility to apply a VAT treatment of ‘0%’ to any foreign transactions that fall outside the scope of UK VAT. You should consult your accountant for advice on the VAT treatment for different transactions. Please refer to our UK VAT rate guide to enable more VAT rates.