Invoices paid by Private Account

Hi All

I am sure the answer has already been published, but I cant find it doing a search. My question is:

I have recently started a sole trader business and have registered for VAT. I am aware that I can reclaim the VAT element of some set-up costs.
My problem is most of these costs were paid from my private bank account before I obtained a business account. Can someone please guide me as how to bring these invoices into QF being settled by my private account so I can claim the VAT.

Thanks

knightrideruk

Being a sole tarder, you and your business are same. You can book those invoices and log payment against them by opening your private account in QF

Hi

I understand what you are saying, however I didn’t want to go the route of uploading my private account, is there another way?

Regards

Knightrider

you don’t have yo upload all transaction from your private account. Alternatively you can use owners capital account

How many capital purchases are your reclaiming? In most cases there won’t be huge numbers of retrospective claims. You could just adjust it into the VAT return. As long as you have a separate spreadsheet and receipts backing this figure that should be fine.

Thanks that sounds like a good idea would save moving bank accounts around.
Thanks again
knightrideruk

Thanks I will go with Glens suggestion I think

Regards

Knightrideruk

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