I’m quite new to quick file and very new to VAT having just registered this month. One question which I do have is how do I deal with my expenses and VAT. Currently I just add them all together and add them as one purchase invoice to my own expense purchase ledger account and then reimburse myself.
Now I have VAT I appreciate that I can reclaim some of the purchases which I make. Can I use the same method as before by grouping all the receipts together and adding it as one amount and then applying the correct VAT rate?
What do I do if I have some receipts with no VAT number?
I would very much appreciate some guidance in this matter
Generally speaking if there’s no VAT number (and no evidence of paying VAT to the supplier), you can’t claim anything back. In this case, I would enter the gross figure and put 0% VAT.
Grouping the receipts should be fine, you would just need to enter multiple lines for the different VAT rates. Each line can have 1 VAT rate, so you would enter all the 20% on one line, all the 5% on another, and the 0% on another.
Hope that helps!
That’s excellent and the answer I was hoping for. Thank you very much for your very speedy reply’s much appreciated.
The key thing is that the totals (net and VAT) are correct, and you’re not trying to claim back more VAT than you’ve been charged - you can’t necessarily just apply the VAT rate and have QuickFile calculate the VAT amount as this may be a few pence out due to rounding differences.