Hi,
I am a contractor and operate through a personal services limited company that is VAT registered. I use an accounting software to record transactions.
When I record expenses, e.g. travel, accommodation, accountant's fees, insurance etc I have to choose a vat rate, which can be Zero VAT, No Vat, Standard Rate 20% etc.
What is the implication of recording a Zero VAT expense as a No Vat and vice versa. e.g. does it affect my own VAT liability, Profit and Loss, Balance Sheet figures?.
e.g.
1)When recording an expense of train journey or flight tickets, if I select No VAT rather than Zero VAT is there an implication. Or a Bank Charge is recorded as zero VAT rather than No VAT.
2)If I stayed in a hotel that is not VAT registered, should I record the expense as Zero VAT or No VAT
3)Does it make any difference if my company is Flat VAT registered or not.
Thanks
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