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How does the VAT deduction on receipts work in practice?
When a customer pays you for a product or service, VAT is included. This VAT must be paid to the Tax Administration, which Truster will do for you. However, VAT paid on purchases related to your business can be deducted from the VAT due. In other words, you can get a VAT deduction against receipts and vouchers related to your business. Truster also takes care of reporting VAT deductions to the Tax Administration.
For VAT deduction, the receipt must clearly include the following information:
1.Basic information
- Receipts must contain basic information such as the seller's name, address and business ID.
2. Date and numbering:
- The receipt should clearly indicate the date on which the transaction took place.
- Each receipt should have a unique number to help organise and track the records.
- Each receipt should have a unique number to help organise and track the records.
3. Identification of goods or services:
- It is important to clearly mark the goods or services purchased on the receipt. This can be done by product code, description or quantity.
- If it is a service, it is also useful to mention the content of the service.
- If it is a service, it is also useful to mention the content of the service.
4. Price and taxes:
- The receipt must include the price information itemised. This may include the unit price, total price, discounts and any taxes.
- It is important to record the tax element separately, for example the amount and rate of value added tax (VAT).
- It is important to record the tax element separately, for example the amount and rate of value added tax (VAT).
What type of receipt is valid for accounting purposes?
When this information is on the receipt and the receipt relates to your business, it is valid for accounting purposes, as well as for VAT deduction. Such business-related receipts will therefore reduce the VAT on your sales, while car-related expenses will reduce the tax on your profits.
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