How do I claim 70% of VAT for a transaction on Quickbooks?

It's great to have you here, userlauren. We highly prioritize the accuracy of your tax return and are happy to assist you with this.

You'll need to manually calculate it and make a VAT adjustment by entering it directly against the relevant box or boxes on the return without entering any transactions into QuickBooks.

Here's how:

1. Head over to the Taxes menu. Select VAT.
2. Click the Prepare Return area next to the period you're submitting for.
3. Next to the VAT line, you'd like to change, hit Adjust.
4. Pick an Adjustment Date and Tax rate. If you don't select the correct VAT code, it won't appear on reports or your tax return.
5. Press Adjustment Account.
6. Choose an account. It's advisable to consult your accountant for guidance on this step.
7. In the Adjustment amount section, enter the amount of the adjustment.
8. Optionally, add a Memo to describe the adjustment.
9. Once done, Save.
    

Refer to this article for more detailed information: Make VAT adjustments.

I still recommend seeking advice from an accountant or tax advisor to ensure that the correct percentage of VAT is being claimed for a specific transaction, as it may vary depending on the nature of the transaction.

For additional details, the following articles offer information on various VAT codes, rates, and operational mechanisms:

• Common VAT codes.
• UK Flat Rate Scheme: How does it work?
   

Seeking advice from a professional accountant to ensure compliance with the specific VAT rules for different types of transactions is essential. If you have any further questions or concerns, please do not hesitate to post a reply here. We are always here to support you with your business needs.