If you have sub-contractors, there are specific VAT compliance rules, eg. Reverse Charge VAT (RCV), where you, as the Principal Contractor, have to account for your sub-contractor’s VAT. Turbo Inventory has this feature built in.




Creating a Reverse Charge VAT Sales Invoice


  • Click Sales
  • Click Sales Invoices
  • Click New Sale
  • Tick Reverse Charge VAT
  • Continue your Sales Invoice




Creating a Reverse Charge VAT Hire Note


  • Click Hire Notes
  • Click New Hire Note
  • Tick Reverse Charge VAT



When printing the Sales Invoice it will then print the following message


VAT ON THIS SUPPLY TO BE ACCOUNTED FOR BY THE PRINCIPAL CONTRACTOR.



Important

You need to mark each Sales Invoice or Hire Note as Reverse Charge VAT there is no need to mark