sage line 50 and vat

[repo]

hi..

please bare (or should that be bear) with me, i'v not long started my own
business and i'm using line 50 for the accounts.
Previously i was not vat registered, but due to a couple of purchases for a
client i've had to become vat registered. The end result is that mid way
through a month (10th) i will be charging vat.
Could anyone tell me how i should approach this in line50, not the most user
friendly prog on a first outing , should i begin a new set of books at the
10th or do i impliment vat someway or other, so that it applies after
effective date but not before.

regards

 

[Basement Studios Limited]

Dear Repo,

This is not a big problem and can be solved using a few steps - will forward
some advice on the subject if you so wish.

Contact me for info (e-mail address removed)

Regards,

Rob
BSL Group

 

[Dave]

Dear Repo,

This is not a big problem and can be solved using a few steps - will forward
some advice on the subject if you so wish.

Contact me for info (e-mail address removed)

Regards,

Rob
BSL Group

He asked for advice here, why would you want a private consultation ?

 

[Dave]

hi..

please bare (or should that be bear) with me, i'v not long started my own
business and i'm using line 50 for the accounts.
Previously i was not vat registered, but due to a couple of purchases for a
client i've had to become vat registered. The end result is that mid way
through a month (10th) i will be charging vat.
Could anyone tell me how i should approach this in line50, not the most user
friendly prog on a first outing , should i begin a new set of books at the
10th or do i impliment vat someway or other, so that it applies after
effective date but not before.

regards

http://www.sageforum.co.uk/ for Sage
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[Peter Saxton]

hi..

please bare (or should that be bear) with me, i'v not long started my own
business and i'm using line 50 for the accounts.
Previously i was not vat registered, but due to a couple of purchases for a
client i've had to become vat registered. The end result is that mid way
through a month (10th) i will be charging vat.
Could anyone tell me how i should approach this in line50, not the most user
friendly prog on a first outing , should i begin a new set of books atthe
10th or do i impliment vat someway or other, so that it applies after
effective date but not before.

regards

Before you should have been using T9 for everything but now you should
code each transaction beased on the (preferably) default VAT codes -
VAT1 for with VAT, V0 for zero rated and V9 for exempt. You don't need
to start a new company or anything. After this very basic advice I
would look through the manual for VAT to give you a little more help.

Of course if you need some personal help Dave and I know someone who'd
love to help you so get your cheque book ready ..........

 

[Doug Ramage]

hi..

please bare (or should that be bear) with me, i'v not long started my own
business and i'm using line 50 for the accounts.
Previously i was not vat registered, but due to a couple of purchases for a
client i've had to become vat registered. The end result is that mid way
through a month (10th) i will be charging vat.
Could anyone tell me how i should approach this in line50, not the most user
friendly prog on a first outing , should i begin a new set of books at the
10th or do i impliment vat someway or other, so that it applies after
effective date but not before.

regards

If you don't intend marking up the items, you may be able to treat the
purchases as disbursements, or have the invoice made out to the client. This
would avoid registration, and could save the client money, if he/she is not
VAT registered.

 

[repo]

thanks dave

http://www.sageforum.co.uk/ for Sage
--

----- + ----- + -----
The internet is too big to fit in your recycle bin
Do you REALLY want to delete it?
----- + ----- + -----

 

[repo]

i have the various vat manuals, and have started looking thru them..
it's just a shame that whatever language they are printed in, i dont
understand just yet

it's not so much the manuals and the program, it's the combining of the two
and my lack of knowledge on the terminology.


many thanks

hi..

please bare (or should that be bear) with me, i'v not long started my own
business and i'm using line 50 for the accounts.
Previously i was not vat registered, but due to a couple of purchases for a
client i've had to become vat registered. The end result is that mid way
through a month (10th) i will be charging vat.
Could anyone tell me how i should approach this in line50, not the most user
friendly prog on a first outing , should i begin a new set of books at the
10th or do i impliment vat someway or other, so that it applies after
effective date but not before.

regards

Before you should have been using T9 for everything but now you should
code each transaction beased on the (preferably) default VAT codes -
VAT1 for with VAT, V0 for zero rated and V9 for exempt. You don't need
to start a new company or anything. After this very basic advice I
would look through the manual for VAT to give you a little more help.

Of course if you need some personal help Dave and I know someone who'd
love to help you so get your cheque book ready ..........

 

[repo]

my intention wasn't to mark up, but sadly rampant cpaitalist cynasism has
got hold of me and i intend to mark , also most of my clients right now are
vat registered.

thanks

 

[Peter Saxton]

i have the various vat manuals, and have started looking thru them..
it's just a shame that whatever language they are printed in, i dont
understand just yet

it's not so much the manuals and the program, it's the combining of the two
and my lack of knowledge on the terminology.


many thanks

I meant the section of the Sage manual on VAT. If you have any
specific problems ask and we'll do our best to answer.

 

[repo]

once again thanks very much..

i have the various vat manuals, and have started looking thru them..
it's just a shame that whatever language they are printed in, i dont
understand just yet

it's not so much the manuals and the program, it's the combining of the two
and my lack of knowledge on the terminology.


many thanks

I meant the section of the Sage manual on VAT. If you have any
specific problems ask and we'll do our best to answer.

 

[J Wild]

Before you should have been using T9 for everything but now you should
code each transaction beased on the (preferably) default VAT codes -
VAT1 for with VAT, V0 for zero rated and V9 for exempt. You don't need
to start a new company or anything. After this very basic advice I
would look through the manual for VAT to give you a little more help.

Of course if you need some personal help Dave and I know someone who'd
love to help you so get your cheque book ready ..........

Also, if you do require to register for VAT, run the Sage VAT report and
mark as reconciled transactions up to the date prior to your date of
registration. This clears the decks for your first actual VAT return.

Then when your first VAT return is due, run the Sage VAT report from the
Registration date to the date required by the return. Mark transactions
as reconciled to this date, to clear the path for the following return.
(email reply = insert mail instead of jm)

 

[repo]

you just beat me to my next question. thanks for that.

on another note, i've been advised to speak to a CA as it will save me money
in the long run. But as i've just started and i'm self financing my business
i have little room to make mistakes at this point.
1. is it worth it in the early stages (my gut feeling is yes)
2. for an initial consultation what should i be expecting from CA and them
from me.

i'm currently looking at a couple in my area, but as yet haven't arranged a
meeting.

thanks in advance for anyone's input

 

[Michelle]

Also, if you do require to register for VAT, run the Sage VAT report and
mark as reconciled transactions up to the date prior to your date of
registration. This clears the decks for your first actual VAT return.

Then when your first VAT return is due, run the Sage VAT report from the
Registration date to the date required by the return. Mark transactions
as reconciled to this date, to clear the path for the following return.
(email reply = insert mail instead of jm)

Surely all transactions prior to this date should have been T9 - in which
case there would be no items to reconcile???

Michelle

 

[Peter Saxton]

Surely all transactions prior to this date should have been T9 - in which
case there would be no items to reconcile???

Michelle

Agreed, but remember to take into account any prior goods and services
that can be claimed even though they are prior to registration. This
would involve an adjustment to your VAT return and a journal.

 

[J Wild]

Surely all transactions prior to this date should have been T9 - in which
case there would be no items to reconcile???

Michelle

There would be no VAT but the values would still be included in the
total input value box.
(email reply insert mail instead of jm)

 

[Peter Saxton]

There would be no VAT but the values would still be included in the
total input value box.
(email reply insert mail instead of jm)

Why?

 

[Michelle]

There would be no VAT but the values would still be included in the
total input value box.
(email reply insert mail instead of jm)

Why?


Correct me if I am wrong but a T9 transaction is not included anywhere on
the VAT form. T9 transactions are not included in input or output values.

Michelle

 

[Dave]

Why?


Correct me if I am wrong but a T9 transaction is not included anywhere on
the VAT form. T9 transactions are not included in input or output values.

Michelle

if you are not registered WHY would you be bothering with "the VAT
form" ?

 

[Michelle]

if you are not registered WHY would you be bothering with "the VAT
form" ?

It was not a question of not being registered, it was a question of being
newly registered. If you read the thread you will see how it has lead to
this.

Michelle