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February 19, 2020
Question

Record management fee vat portion of an income.

  • February 19, 2020
  • 1 reply
  • 0 views

Hi, I’ve been on the chat line to resolve this issue, but the advise I received saw the vat records add my non vat-able rental income as a vat-able income.  I receive an income from a property each month, this is part of our business, it’s taxable but NOT vat- able, there is however, lumped in the amount I receive a 12% management fee from the rent collecting agency, this has a vat amount on it that I’d like to claim back, how do I record the rental agency, and how do I then split or record the agency fees and the vat portion of the income as shown in my bank statement? Thanks

1 reply

February 19, 2020

Hello JainB, 

 

Thanks for reaching out to us on the Community page, 

 

I would advise speaking to an accountant about how to record this, as we are not trained accountants we are only technical support. 

 

If any Community users have had a similar issue, please feel free to post on this thread.