This article explores the VAT Summary report in Unity® Practice Management.

The VAT summary report shows a summary of the VAT figures for the bills rendered VAT scheme. If you are reporting your VAT using the bills rendered VAT scheme, then you are paying your VAT to the HMRC at your period end on bills/invoices that you have sent to your clients/3rd parties, regardless of whether you have received payment for the bill/invoice.

If you are running a purchase ledger, then you are able to claim the VAT on invoices that are payable by your practice before the invoices are paid.

If you are using our legacy interactive system, please scroll down to find the steps to run the report in interactive.

Select Reports from the toolbar.

Accessing the VAT Summary Report

There are two ways to access the VAT Summary Report:

1. Search Box

Start typing the name of the report required in the search box, i.e., VAT to filter reports.

Search VAT.png

2. Dropdown List

Select Money and Finance from the dropdown list to view all reports in this category.

VAT Category.png

Select the star next to VAT Summary to add it to Favourites if it is required often.

VAT Summary Star.png

The report will then show in the Favourites Section of side toolbar.

VAT Star.png

Click on VAT Summary to open the VAT Summary Report.

VAT Summary Report.png

If there are no main options for this report, simply select View.

There are three options:

View
Print/Save
Excel

Select the preferred preview option and select Report.

VAT Summary Report

The VAT summary report will then open:

The VAT summary shows a summary of your VAT and is broken down by VAT codes/rates. The VAT codes are maintained by your legal cashier and can be attached to different rates, for example 20%.

The HMRC recommended rates are:

Standard Rate 20%, this rate applies the majority of goods and services, for example stationery.
Reduced Rate 5%, this rate applies to a small amount of goods and services, for example home energy and children’s car seats.
Exempt Rate 0%, this rate applies to goods and services which are not vatable, for example disbursements such as court fees and expenses like postage stamps
Outside the Scope of the UK VAT system 0%, this rate applies to goods and services which are not vatable, for example salaries, loan repayments and charitable donations.
Zero Rate 0%, this rate applies to zero rated goods and services, for example travel on public transport and most food.

Input and Output VAT

The report is also broken down to show input and output VAT.

Value of Input, this column shows the total value of your purchases and other inputs, excluding VAT. When submitting your VAT to the HMRC the amount shown as VAT code ‘O’ will be automatically deducted from your MTD submission, as salaries etc are not included in the amount reported to the HMRC.
Value of Output, this column shows the total value of your business sales and other outputs, excluding VAT. When submitting your VAT to the HMRC the amount shown as VAT code ‘E’ will be automatically deducted from your MTD submission, as disbursements are not included in the amount report to the HMRC.
Input, this column shows the total VAT that can be reclaimed in the VAT period on purchases and other inputs, included here is VAT on purchases such as stationery, etc
Output, this column shows the total of VAT that is payable in the VAT period on Sales and other outputs, included here is VAT on profit costs, scale charges etc.
Net, this column shows the amount of VAT due to the HMRC.