I’m getting a new vehicle and using the opportunity to review how I account and claim car expenses for VAT and income tax. I’m looking for a simple way to deal with vehicles in QF!
Previously I’ve been using Fuel Scale Charges to account for VAT. I don’t think that was worthwhile so I don’t think I want to continue.
I could simply reclaim 45p per mile against my tax bill, but I that may not be in my benefit. So that leaves recording all journeys and claiming a percentage as a business expense. What the easiest way to do this in QF - given it’s not too simple to split transactions.
For example, I’m contract hiring, let’s say that’s £500 a month inc VAT. I reclaim half the VAT (£50) leaving £450 to split (say) 60:40 business/personal. So I need to split with £270 to business, the rest to personal drawings. As I say I find splitting in QF a bit of a faff. Twice the faff when drawings are involved so, what’s the easiest way?
It might be how I already split transactions if the best and or easiest. But I’m willing to hear how other folk do this - or listen to advice if there’s a completely different way!
Thanks