VAT Reporting within WebTerrier
Recording VAT liability
If you have leases where VAT is payable, this is simple to input into WebTerrier and can then be reported in many places throughout the system. On the Tenancy Record, the Lease tab has a subtab called Rent with the checkbox field "VAT Payable". Next to the checkbox will be the VAT rate if a VAT applicable country has been set, otherwise you'll be prompted to add/amend the country at the property level. You can easily jump to the Property record by clicking the link directly below the Lease tab.
In this screenshot England is being added as the country of the property, however "United Kingdom", "UK", "Wales" and "Scotland" will all result in the as of this blog post's VAT rate of 20% being applied.
Now that the country has been entered the rate is shown on the Rent subtab along with the country that was entered. Let's tick VAT Payable and see where that feeds through to within the system.
The Basic Details subtab now shows the VAT inclusive rent within brackets next to the VAT exempt rent.
There are three VAT related columns available on Tenancies Search. The VAT Payable checkbox, Current Rent inc VAT and TCO (Total Cost of Occupancy) inc VAT. Note that cost amounts such as Insurance and Service Charge will need to entered inclusive of VAT.
