Hi,
am i able to claim back IVA tax charged by my suppliers and charge my clients IVA with an Autonomy license?
What are the procedures involved? many thanks
Hi,
am i able to claim back IVA tax charged by my suppliers and charge my clients IVA with an Autonomy license?
What are the procedures involved? many thanks
Hello Happydad,
Please read this information that can shed some light on the issue that concerns you.
How IVA is charged and accounted for:
If you are IVA ( VAT ) -registered the IVA you add to the sale price of your goods or services is called your 'output tax'. The IVA you pay when you buy goods and services for your business is called your 'input tax'.
Filling in your IVA Return
If you're IVA ( VAT ) -registered you'll have to submit a IVA Return quarterly - the return will show:
• The IVA you've charged on your sales to your customers in the period - known as output tax
• The IVA you've paid on your purchases - known as input tax
If the amount of output tax is more than the input tax, then you send the difference to Tax Office with your return.
If the input tax is more than your output tax, you claim the difference back from Tax Office.
Regards,
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