VAT in ExpensePlus
ExpensePlus is not only a brilliant fund accounting package; it also enables charities that are registered for VAT to account for VAT and manage VAT submissions.
Warning: Unlike VAT for businesses which is often straightforward, VAT for charities can be highly complex. Typically only a proportion of VAT on expenditure can be reclaimed. It is important to calculate this correctly. So, unless you are qualified and knowledgeable about VAT, we recommend you speak to a VAT specialist for advice.
Watch this short video to learn more about the VAT Module:
FAQs relating to VAT
- Why is the VAT amount not 20% of the invoice total?
- How is VAT calculated on the Transactions by Category View?
Top Tip: If you are thinking of registering for VAT to be able to reclaim VAT on a building project and you are a church with a listed building, then you should look at the listed places of worship grant scheme. This scheme allows churches to reclaim VAT as a grant without needing to register for VAT - enabling you to get all of the benefits of VAT relief without any of the costs or complications.
If you don't already have support, we'd highly recommend getting in touch with Wyatt & Co who offer support for churches and charities and are excellent accountants.