Standard method, de minimis tests, annual adjustment, SMO and capital goods – all in one place
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If your business makes exempt supplies (for example healthcare, education, insurance, finance or most residential and commercial rents without an option to tax) as well as taxable ones, you usually can't reclaim all the VAT you pay on costs. This workbook applies HMRC's standard method each quarter, runs all three de minimis tests, works out the annual adjustment and tells you which return it goes on. It also checks the standard method override, keeps a capital goods scheme register and compares the standard method with floor space, headcount and sectorised special methods.
See how it works
The sheets you will use most, in the order you will use them – shown with the sample data every workbook comes with.
Step 1
Supplies and input tax for each quarter and the standard method calculation. What you do: enter the yellow rows for each quarter.
Step 2
Test 1, Test 2 and the standard test for each quarter and the year. What you do: nothing to enter.
Step 3
The year-end recalculation, the adjustment and when to account for it. What you do: nothing to enter.
Step 4
Standard method override test. What you do: enter the use-based % and how you measured it.
Who it is for
Quick start
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Part of AML Finance Group
Our sister firm, AML Accountancy Solutions, is an award-winning accountancy practice helping businesses and individuals across the UK with their accounts, tax, bookkeeping and payroll.
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