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Subject Topic: VAT Codes - N-T or E Post ReplyPost New Topic
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cf2404
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Joined: 18 October 2006
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Posted: 18 October 2006 at 16:02 | IP Logged Quote cf2404
Hi,
Does anyone have any advice for the use of VAT Codes N-T as opposed to E?  What is the difference, does it really matter?

For example:
Payment of wages?
Payment of PAYE/NI to HMRC?
Payment of and receipt of VAT?
Transfer of money between bank accounts?
Interest received?
Bank Charges?
VAT payments on imported goods?
Directors loans paid in?

Any help on any of the above greatly appreciated.
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myobsupport
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Joined: 01 October 2003
Location: United Kingdom
Posts: 120
Posted: 14 November 2006 at 17:07 | IP Logged Quote myobsupport
Hi cf2404,

Ah the old VAT question.

To answer you in the briefest of terms and as an overview. This is not gospel and you should contact the VAT office if you are unsure.

Vat code of E  is used for things that have been declared Exempt of VAT  by the VAT office (HMRC) for example Public transport, postage and books to name a few.
N-T is for things like transfers between accounts and most of what you have listed in your question.

Does it really matter, yes it does. Even though you may think that as they both have a Zero value it does make a difference especially on your VAT return. Anything that has a VAT code of N-T will not appear on your VAT return. This is why you use it for things like transfer between accounts, there is no need to have the transaction appear on your VAT return.

If you want more info on VAT you could have a look at The VAT Guide from HMRC or call the National Advice Service 8am to 8pm weekdays on 0845 010 9000.


Hope  this helps.


Tinhare





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ajs1
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Joined: 07 July 2010
Location: United Kingdom
Posts: 1
Posted: 07 July 2010 at 15:12 | IP Logged Quote ajs1

Hello, sorry to drag up such an old question, but I have been wondering the same thing.

I note from the software that the fixed asset accounts are by default marked N-T. Does this mean that payments/invoices to these accounts they will not appear in Box 7 of the return (is this correct?)?. I assume it also means that if you post an invoice to a fixed asset code then by default it will not split out any VAT (obviously you can change this when posting). So should fixed asset codes actually be marked as S?

 

Thanks!



Edited by ajs1 on 07 July 2010 at 15:15
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