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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VAT on Overdraft Renewal fee
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- brucedenney
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Re: VAT on Overdraft Renewal fee
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
These all should be using the code T2
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