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VAT on Overdraft Renewal fee

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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The Secretary
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VAT on Overdraft Renewal fee

Post by The Secretary » 09 Apr 2015, 11:49

Hello

Can you clarify for me please. Using SAGE 50,

1) Is a renewal fee for an overdraft facility T2 Exempt
2) Is bank interest paid on the said overdraft T2 Exempt

Many thanks

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brucedenney
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Re: VAT on Overdraft Renewal fee

Post by brucedenney » 09 Apr 2015, 15:42

The following items do not have VAT charged on them and therefore there is no VAT to reclaim: train tickets, insurance, stamps at a post office, most books, bank charges, interest, salaries, any purchases from a non-VAT registered person or business.

These all should be using the code T2
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