The app automatically tracks your VAT on every payment, invoice, and bill to help you keep accurate records for HMRC. We calculate your figures using specific treatments, rates, and amounts based on what you buy or sell. This makes staying compliant simple, meaning you can focus on running your business while we handle the heavy lifting behind the scenes. 📈
Understanding your VAT records
To keep things clear, your records are broken down into three simple pieces of information:
VAT treatment: This shows how a transaction affects your VAT return. It depends on whether you're trading goods or services, and if your customer or supplier is based in the UK, the EU, or outside the EU.
VAT rate: This is the percentage we use to work out the tax for your transaction.
VAT amount: This is the actual cash value of the tax for that specific transaction.
How the app keeps your records up to date 📱
We want to make managing your taxes as seamless as possible, so we do most of the work for you:
We look at your transaction category and automatically apply the correct VAT treatment and rate.
If you ever need to change something, just tap the transaction in your feed to edit the details. If a rate shouldn't apply at all, you can just select Out of scope (not on VAT return).
We help keep mistakes to a minimum by only showing you the exact rates that match your transaction type. For example, you won't see exempt rates for goods if they don't apply.
If you ever need a refresher on how these rules work, you can read HMRC's official VAT guidelines for more details.
Checking what you owe or can claim back
Want to see where your business stands right now? You can instantly check how much VAT you owe or can claim back from HMRC directly inside the app. 🔎
⚠️ Critical: The app only supports the standard VAT accounting scheme right now.