does a creditnote show VAT #2072
Description
this is an interesting one and needs addressing
https://www.bing.com/search?pc=MOZI&form=MOZLBR&q=does+a+creditnote+show+VAT
A credit note does not show VAT unless it is related to a taxable supply. If the credit note is issued for a non-taxable transaction, such as a refund or discount, then no VAT should be included. The VAT credit note should reflect the VAT rate in force at the time of the original supply. If the credit note is issued for a taxable supply, then VAT should be included, but only if the credit note is related to the original supply. eg = what i have done, i can have T0 etc shown for not VAT amount, this si what they mean as in no VAT shown.
- https://www.gov.uk/hmrc-internal-manuals/vat-trader-records/vatrec13000
- https://www.accountingweb.co.uk/any-answers/why-would-a-credit-note-not-have-vat
- https://www.taxadvisermagazine.com/article/discounts-and-credits-tips-and-pitfalls-vat
- https://www.marcusward.co/vat-credit-notes-what-are-they-and-how-are-they-treated/
- add these to my QWcrm notes