Recording VAT on purchases when not yet registered

Feature Request
1

Continuing the discussion from New purchase not adding VAT:

We’re not VAT registered yet, but we will be. I’d like to record VAT on purchases now so that when we register we can claim back the VAT.

To do this we need to keep proper VAT records. See: Register for VAT: When to register for VAT - GOV.UK

What’s the best way to do this in Quickfile?

2

Are you looking to back date your vat registration or looking to reclaim on certain inputs prior to vat registration date?

3

There are limitations on what you can reclaim under this provision and it’s usually limited to capital purchases, so no stock purchases or anything resold in your business. The VAT receipt issued by your supplier will suffice as a descriptive record of the goods/service acquired, so I would recommend attaching this to your purchase record in Quick File and maintaining a separate journal of the Gross and VAT totals.

4

The latter, claim on inputs prior to registration.

5

Ok will do.

Thanks to you both for always responding so quickly to questions in the forums.

Really excellent support and a great product.

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