Filing asset purchases

Amateur accountant here so please be patient.

I am currently looking at the VAT return feature and am trying to work out if I haven’t tracked certain purchases correctly.

The purchase tax control account only refers to my ‘general purchases’ that I can see - in my case this is buying stock. However I have tagged a number of purchases (of shelving) as furniture and fixings. As a fixed asset these don’t seem to be included when calculating reclaimable VAT.

So my question(s) are:

  1. Am I wrong in thinking I am able to claim back the VAT of the purchase of furniture and fixings?
  2. If not, should I have tagged them as general purchases first and then used the journal to alot the value to furniture and fixings?
  3. Does this also apply to overheads? These (petrol costs, broadband costs) also don’t seem to be accounted for in the purchase tax control account. Am I not able to claim back VAT on these?

Hope that made sense. Any help would be greatly appreciated.

Whilst we are unable to advise whether VAT is reclaimable on any purchases, we can help to explain how you would enter purchases onto QF in order to claim back the VAT.

I notice that a number of items were tagged directly to the nominal code using the option ‘Something else not on this list’, if you wish to claim back the input VAT for any purchases, a new purchase invoice should be raised by selecting the option ‘Payment to a supplier’ when tagging:

On the next screen, the VAT will automatically be calculated, although you can amend this to the amount on your invoice, should this be different, you will then need to select the appropriate category, see the example below:

You can correct any purchase already tagged by detagging and then tagging them again using the above method:

For further help please see our knowledgebase guide on ‘Tagging your Bank Transactions’.

Hi Joe,
Thanks for that - makes sense.

Appreciate your help.