VAT partial exemption Archives - The Happy Finance Team

9th October 20239th October 2023

Monthly irrecoverable VAT adjustments with Xero and Power Query: Part 2

This blog post probably won’t make a lot of sense unless you read Part 1 first.

Having customised our VAT report in Xero in part 1, we’re now going to use Power Query to turn this into a journal.

20th September 202320th September 2023

Monthly irrecoverable VAT adjustments with Xero and Power Query: Part 1.

I asked on LinkedIn the other day whether people would be interested in my method for posting monthly irrecoverable VAT adjustments and was pleasantly surprised by the responses.

So here goes.

19th January 202113th March 2023

Yes, Xero is a good accounting system for charities

Even small charities can have big complexities when it comes to choosing and using accounting systems.

There are two issues in particular which can be hard for charities to deal with on many accounting systems. The first is VAT partial exemption. Charities may have a mix of exempt income (grants, donations) and taxable income (eg selling goods or running a cafe). This means that they cannot reclaim all of their VAT and have to do “partial exemption” calculations.