How VAT is shown in your reports
VAT you charge belongs to HMRC, not to your business, so it should not make your income look bigger than it is. When VAT is switched on, reports show your income without VAT and give you the VAT total separately.
Read the line at the top of the report
Every report shows a short line saying you are VAT registered, at what rate, which figures exclude VAT, and the VAT total for the period you are looking at. It only appears for VAT registered businesses.
Revenue and profit exclude VAT
Revenue columns and tiles are labelled "excl VAT", with the figure including VAT shown underneath where it helps. Profit is worked out from the amount excluding VAT, so your margin is not inflated.
Find your VAT total
The overview, income and profit and loss views each show a VAT figure for the period, so you can see at a glance what you have charged in tax.
Money owed still includes VAT
On payments, invoiced, received and outstanding all include VAT, because that is what your clients actually owe and pay.
Check what is marked estimated
Work that has already been invoiced uses the VAT actually charged on that invoice, even if your rate has changed since.
Work that has not been invoiced yet has no VAT charged on it, so PawLoop estimates it from your current settings. When that happens, the top line tells you how much of the VAT total is estimated.
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