Our VAT returns are quarterly, each quarter i follow a partial exemption process to calculate the standard method % i can claim. This is usually 8,9 or 10%.
I have now completed a Annual partial exemption check and our standard method is 9%.
Throughout the financial year i have used 10% from the previous financial year to work out the value of the fixed assets.
I will use 9% as my standard method going forward in the new financial year, do i need to make adjustments to the fixed assets for the previous financial year, now based on 9% rather than 10%?