Hi
My electrical company (vat registered, ltd) recently started work on a new build project which has had a 0% vat rate applied to it. I have inspected the relevant documentation in the project contract, issued by the clients tax specialist, explaining why the 0% vat rate has been applied & i am satisfied that it is above board. I have received 1 payment so far and the payment certificate shows the vat rate as 0%, therefore no vat was added/paid.
My query is how should i be treating the vat, when entering the purchase invoices (materials, agency labour etc) onto my accounts system, related to this project? Should i be:
1. Entering the invoice as normal (net & vat figures, as detailed on suppliers invoice, in the relevant sections)
2. Entering the gross invoice figure in the net section and 0 in the vat section?
3. Entering the net figure in the net section and 0 in the vat section, therefore removing vat from all my suppliers invoices and only paying them the net values?
4. Something completely different.
Any help would be much appreciated.
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