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Reply to: Reverse charge invocies
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Previously on "Reverse charge invocies"
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The Adobe invoice shows zero VAT because the reverse charge applies. As a B2B supply it’s up to you, the purchaser, to account for the VAT. I don’t know the specifics for how you enter it into Xero but assuming it would be a standard rated supply then you would account for it as if you’d both sold and purchased it with VAT at 20%. It gets reported as mentioned above and is VAT neutral.
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Originally posted by interestedparty View PostHi, we are VAT registered and receive invoices from Adobe who have an Irish address. The invoice says that reverse charge VAT applies - how should we post this on Xero - when I use the reverse charge option it calculates VAT at 20% even thought the Adobe invoice says £0.00?
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Originally posted by interestedparty View PostHi, we are VAT registered and receive invoices from Adobe who have an Irish address. The invoice says that reverse charge VAT applies - how should we post this on Xero - when I use the reverse charge option it calculates VAT at 20% even thought the Adobe invoice says £0.00?
I don't understand why people pay for a legitimate service but won't use the service's support.
If it's a prate copy I get it. But nobody would use a pirated copy of an accounts package would they?
Or ask your accountant?
FreeAgent is easy enough. You set it as reverse charge, and make the VAT rate auto (or 05) and it does it for you at 0%.
Maybe you just need to set it as 0% as that's the correct number.
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Reverse charge invocies
Hi, we are VAT registered and receive invoices from Adobe who have an Irish address. The invoice says that reverse charge VAT applies - how should we post this on Xero - when I use the reverse charge option it calculates VAT at 20% even thought the Adobe invoice says £0.00?Tags: None
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