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Big Red Book Accounts v5

Reverse Charge VAT Invoice

Setting up a Sales Invoice Layout for Reverse Charge VAT

For transactions subject to Reverse Charge VAT no VAT is charged, the Sales Invoice shows no VAT

analysis details, it shows the VAT Registered Numbers of both parties and the a clear statement of who will

account for the VAT .

For a sub-contractor the statements is : ‘VAT ON THIS SUPPLY TO BE ACCOUNTED FOR BY THE

PRINCIPAL CONTRACTOR’ .

For scrap metal sales the statement is 'VAT on this supply to be accounted for by the recipient.'

To facilitate this alternative Sale Invoice we have added the option to specify two Sales Invoice Layouts in

Form Design. A sample layout for a Reverse Charge Vat Invoice for sub-contractors, Inv01RC.frm is

provided which can be viewed to see a typical layout; a sample Reverse Charge Vat Invoice for scrap metal

suppliers, Inv01RC_ScrapMetal.frm is also provided.

To select designated an alternative invoice layout Select Setup / Form Design and select the alternative

invoice layout in 'Invoice Layout Type 2' as below:

Entering a Reverse Charge VAT Invoice

When entering a sales transaction subject to Reverse Charge Vat, the net amount is analysed at the zero

rate and the option ‘Type 2 Invoice Layout’ is checked.

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Red.com V5.1 Guía de usuario Pagina 63