Questions & Answershow do you record on bullet a reverse vat entry for a subcontractor- I work in the construction sector. Vat is not charged on invoice by subcontractor but is paid by the principal contractor
spgpat asked 4 years ago
Brendan_Brady Staff replied 4 years ago

It depends on whether you are the principal or the subcontractor. If you are sub contractor you invoice in principal at 0% VAT, If you are the principal contractor, the subcontractor invoices you at 0% and then you invoice the client and add VAT at 13.5% or 23%.

Hope this helps.

spgpat replied 4 years ago

I’m the principal contractor- I’m aware that the invoice by subcontractor is at 0% VAT but my question is yea you can enter the subcontractors invoice on bullet with 0% VAT. But this is inaccurate to reflect you’re VAT liability. It seems that Bullet doesn’t have a facility or desire like other accounts packages to facilitate a reverse VAT entry for those in the construction sector- might have to move…