Microsoft Excel: VAT Partial Exemption Calculator

Description

Microsoft Excel: VAT Partial Exemption Calculator 

 VAT partial exemption can be difficult to navigate. This spreadsheet is designed to take the hard work out of performing your quarterly partial exemption calculations and completing the annual adjustment. 

 Enter your quarterly turnover figures and analyse your input VAT between direct taxable, direct exempt and residual. The calculator then applies the HMRC standard method, performs the de minimis tests, calculates the recoverable percentage and identifies any irrecoverable VAT. At the end of the year, your four quarters are compared to the annual calculation to determine what adjustment, if any, is required. 

 Legislative references are included throughout for clarity, and a full guidance document is provided to support understanding. 

 Please note: The tool performs all HMRC partial exemption calculations once your figures are entered, but it cannot determine whether an input is directly taxable, directly exempt or residual. That assessment must be made by you based on the nature of each cost. Once the split is entered, the spreadsheet handles the de minimis tests, apportionment and annual adjustment automatically.