Claiming a percentage of VAT in Xero.

[Fen Farmer]

I wish to claim 30% of VAT @ 20% back on certain invoices in Xero. Is there an easy way of doing this? I have tried manually adjusting the VAT figure but then the figures don't tally in the reconciliation. I am sure there must be an easier way.

Any help much appreciated.

 

[farmerm]

I wish to claim 30% of VAT @ 20% back on certain invoices in Xero. Is there an easy way of doing this? I have tried manually adjusting the VAT figure but then the figures don't tally in the reconciliation. I am sure there must be an easier way.

Any help much appreciated.

It might be completely wrong but...

In Pandle I split the transaction over 2 lines say the item was £10 including vat I would do one line that is
Drawings, Net £7 None Vat, Total £7 and the other line would be
Deadstock (or whatever category) Standard VAT put £3 as the Total for that line and it automatically populates the net value and VAT as £2.50 and 50p

 

[upnortheast]

As above I would split it over 2 lines

 

[Frodo]

That’s what I do and seems dead easy

 

[Paul E]

+1

 

[holwellcourtfarm]

As above, I asked my accountants this exact question and was told to do it like this:

 

[Martyn]

As above, I asked my accountants this exact question and was told to do it like this:

This is how i do our electric,9o %business 1o % private

 

[Fen Farmer]

Thanks for the comments, all sorted [emoji106]