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Pre VAT Registration Expenses

#1

Hi,
I have a client who started trading actively in October 2018. Prior to this she had incurred some VATable expenses. The VAT period would be October-December 2018. Please how should I deal with transactions before this date in quickfile? Preparing VAT report for the stated period would omit these prior period expenses.

Thanks,
Roy

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#2

If these pre registration expenses are recorded as purchases in QuickFile then even if they’re dated before the start of the first return period they will be included in the first return as long as you don’t set a VAT start date in the QuickFile settings.

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#3

Set vat start date as per vat registration certificate and make manual adjustment to relent boxes of vat return for items prior to vat registration (both qualified purchases and services)

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#4

Hi Ian,

Thank you for your help. However, I am not able to update the settings because Quickfile is insisting on a start date before I can proceed. Please how do I go round this?

Regards,
Roy

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#5

Thanks for your help

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#6

If you definitely want to reclaim VAT on all your pre reg expenses then just set the start date prior to the date of the first purchase.

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#7

I thought of that but wasn’t very sure. Thank you very much for your help.

Roy

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