We have recently set up a charitable land trust which is exempt from VAT. When accounting for expenses, it puts the VAT in a separate account. does this mean it is possible to claim any VAT paid for services back?
If you have the system set up to account for VAT then it will separate out those amounts, it doesn’t mean that your business type can necessarily make a claim for them though. If you are not able to claim VAT then you need to make sure you are entering all figures into QF as gross.