Enabling Company VAT

PropWorx is designed for a single legal company entity. While multiple bank accounts can be managed, certain elements—such as the VAT number—remain universal across the database.

This means that if you manage multiple entities, these universal elements will apply to all portfolios. Additionally, accounting reports such as Tax Report will combine all VAT into one consolidated view.

For users needing separate financial reports for different VAT management per entity, a separate database must be created for each company.

To configure your VAT settings, follow these steps:

1. Navigate to Settings → Company.

2. On the top left, click Edit to modify your company settings. Once done, click Save Changes to confirm.

3. Scroll down to the VAT Details section and tick the box for "Is Your Company VAT Registered" to enable VAT.

Note: VAT on Tenant Charges (excluding fees) will not be included in the Tax Report. The report only reflects VAT on fees and cashbook transactions. (For more information, refer to the Generate Tax Report section.)

4. Enter your company's VAT registration number. This number will be displayed on your statements and invoices under the "Agency VAT" field.

5. Select your default VAT type (e.g., VAT exclusive). You can override this default setting for individual entries as needed.

Understanding VAT Inclusive vs. Exclusive: (below example at 15% VAT)

1. VAT Exclusive (at 15%): If your fee is 100.00, the total invoice will be 115.00 (100.00 + 15.00).
2. VAT Inclusive (at 15%): If your fee is 100.00, the total invoice will be 100.00, with the VAT portion already included (86.96 + 13.04).

6. You can now add VAT to fees, commissions, and other transactions (see Add VAT on Fees and Add VAT on Transactions). These VAT amounts will be reflected in your Tax Report.

Note: If your company is not VAT-registered but you need to apply VAT on tenant charges such as Rent or Utilities, you must first enable Company VAT. This will make the VAT selector appear on tenant charges. 

VAT applied to tenant charges will not appear on the Tax Report unless you are invoicing a Fee and debiting that fee.

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