VAT - Create an Out of Scope VAT code
Create an out of scope vat code as strictly speaking this is not actually any of the other codes that already exist despite being advised to use them.
4
votes
Sarah Grey
shared this idea
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Keith Malone
commented
Agreed.
In Ireland, we need to distinguish between several VAT categories, including standard rate, reduced rates, zero rate, exempt, and outside the scope of VAT. Each of these has different implications for VAT reporting.
The current options in Xero don't seem to fully cover these categories, especially for transactions that are outside the scope of VAT (like drawings).
Using "0% VAT" or "Tax Exempt" for these isn't quite right.
Please add an "Outside the scope of VAT" option.
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Jan Lawes
commented
Mobile phone bills often have additional items that are out of scope as they original abroad.