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This article applies to:

  • Product: ONESOURCE Indirect Tax Compliance

Irrecoverable VAT

VAT 50% Irrecoverable

This schedule is used to record amounts related to reverse charge services where VAT is 50% irrecoverable.
Developing the Schedule
This schedule can be developed from either the input
Schedule I
 or the output
Schedule O
.
Completing the Schedule
  1. Enter the description.
  2. Select whether 50% has been deducted from the drop-down list.
  3. Select
    Rate Type
     from the drop-down list.
  4. Enter
    Net of VAT
     amount as appropriate.
  5. Enter
    Input VAT
     amount as appropriate.
  6. Enter
    Output VAT
     as appropriate, and remember that due to the sign convention this needs to be entered as a negative number.
  7. The schedule flows through to the Schedule I,
    O
    , and
    Return Summary Analysis
     as relevant.
Standard Sub-schedules
There are no standard sub-schedules for this schedule.
Carry Forward
Information entered on this schedule carries forward to the next period and is displayed with the prior period totals on the right hand side of the window. This allows comparison of the periods' figures to be made and may help you identify any mistakes.

VAT 100% Irrecoverable

This schedule is used to record amounts related to reverse charge services where VAT is 100% irrecoverable.
Developing the Schedule
This schedule can be developed from either the input
Schedule I
 or the output
Schedule O
.
Completing the Schedule
  1. Enter the description.
  2. Select
    Rate Type
     from the drop-down list.
  3. Enter
    Net of VAT
     amount as appropriate.
  4. Enter
    Input VAT
     amount as appropriate.
  5. Enter
    Output VAT
     as appropriate, and remember that due to the sign convention this needs to be entered as a negative number.
  6. The schedule flows through to the Schedule I,
    O
    , and
    Return Summary Analysis
     as relevant.
Standard Sub-schedules
There are no standard sub-schedules for this schedule.
Carry Forward
Information entered on this schedule carries forward to the next period and is displayed with the prior period totals on the right hand side of the window. This allows comparison of the periods' figures to be made and may help you identify any mistakes.

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