Download free excel templates as per United Kingdom (UK) VAT Act for maintaining records of your purchase during a specific period. This template also helps you to capture details of collection of Input VAT on those purchases.
This excel template for UK VAT is useful for personal and business use. This template covers all legal compliances and legal provisions as per UK VAT Act. It is customizable as per the requirement.
About UK VAT Act
VAT Law in the United Kingdom (UK) is governed mainly by the Value Added Tax Act 1994 as amended by subsequent Finance Acts. But, there are many rules in Statutory Instruments. These are either orders made by the Treasury or regulations made by HMRC.
The Value-Added Tax Act provides for the taxation of the supply of goods and services and the importation of goods. This Act is applicable to all registered VAT vendors.
Requirement of Purchase Register under UK VAT Act
A purchase register records all the purchase and purchase return transactions from suppliers of business. Also, it is your accounts payable ledger also known as Purchase ledger.
The VAT on purchase of goods or services which a business pays is refer to as Input Tax.
This simple UK VAT Purchase Register Excel Template comes with predefined formulae and formatting. You can record your VAT purchases as well as purchase return in it. This template auto-calculates VAT amount for the given taxable value.
There is provision to enter up to 100 invoices in this template. If you have more than 100 invoices, you can insert additional rows as well. To maintain records for longer time, either make a copy of this sheet and you can use it for other tax periods.
About UK VAT Purchase Register Excel Template
Purchase Ledger or Purchase register consists of 2 sections:
- Header Section and
- Purchase Transaction Section.
1. Header Section
The header section consists of headings includes your company name, logo, and your VAT number.
This is monthly Purchase report. Select the month from the dropdown list and enter respective year.
2. Purchase Transaction Section
Purchase Transaction consists of 2 sections:
- Supplier’s Details and
- Purchase VAT Computation.
In this section, you have to record your purchase invoices as well as purchase return debit note transactions.
2.1 Supplier Details
The supplier details consist of following columns:
- Serial Number: The serial number is auto-generated hence you don’t need to make any entry in this column.
- Invoice No: Insert purchase invoice or debit note number.
- Invoice Date: Enter date of the invoice.
- Supplier Name: Enter name of your client/supplier.
- Supplier’s VAT No: Insert respective VAT number of your client/supplier.
2.2 Purchase VAT Computation
This section consists of following columns:
- Taxable Amount: Enter taxable amount of the invoice in this column. The taxable amount is total amount
- VAT %: Select the VAT % from the dropdown list. It can be either 20%, 5%, or 0%.
- VAT Amount: This column consists of a predefine formula and hence requires no entry. The formula used to calculate the VAT amount is calculated is Taxable Amount X VAT %
- Final Invoice Amount: Similar to previous column, this column also consists of a predefine formula. Final
- Invoice Amount = Taxable Value + VAT Amount.
In the end, there are column totals. The first one represents taxable value, the second represents Total Input Tax, and third one represents the total purchase amount including VAT.
This template can be useful to small and medium-sized businesses that don’t use any software for record-keeping.
Download and Use UK VAT Purchase Register in Excel
To use this free UK VAT Purchase Register Template in excel, you should have Microsoft Office/ Microsoft Excel. You can only use this template if you have these applications in your system. or Use, Google Sheets.
After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software. Once extracted, you can open the file using Excel and start entering data or customizing the template.