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David1955
Jun 19, 2019 10:24 AM UTC
Solved

Can anyone tell me how to record the vat element in mileage claims?

Original commenter did not share additional details
GeorgiaCAnswer
Jun 19, 2019 5:16 PM UTC

Hi David1955,

 

 

Its possible to enter this all on one expense however I'd recommend recording it on two separate transactions for ease.

 

To record the 100% reclaimable mileage vat, create an expense with the details below:

 

1) Select the date and bank account

2) Set the 'Amounts are' as Exclusive of TAX

2) On the first line, select an account on the category drop-down, enter the amount as 0.01, and choose the 20% S VAT code

3) On the second line, choose the same account and enter the amount as -0.01 with the Exempt 0% VAT code

4) Scroll down to the 'Includes VAT @' and edit the amount in the box to the amount to reclaim

 

This will post the full amount to box 4 on the VAT return.

 

You can add additional lines to the expense for the split-transaction but this will change the VAT amount you have entered to 0.00 and you would need to calculate the overall VAT amount 

 

 

Thanks!

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3 replies

EmmaM
Jun 19, 2019 2:13 PM UTC

Hello David1955,

 

Can you confirm which product you are using QuickBoks Online,QuickBooks Desktop or QuickBooks Self Employed? Are you recording the VAT part only as a 100 percent VAT transaction or doing a split expense transaction.for the mileage of which part is Vatable.

 

Thanks

 

Emma

 

David1955Author
Jun 19, 2019 2:24 PM UTC

Hi Emma

it's QB on-line and  a split expense transaction for the mileage of which part is Vatable.

GeorgiaCAnswer
Jun 19, 2019 5:16 PM UTC

Hi David1955,

 

 

Its possible to enter this all on one expense however I'd recommend recording it on two separate transactions for ease.

 

To record the 100% reclaimable mileage vat, create an expense with the details below:

 

1) Select the date and bank account

2) Set the 'Amounts are' as Exclusive of TAX

2) On the first line, select an account on the category drop-down, enter the amount as 0.01, and choose the 20% S VAT code

3) On the second line, choose the same account and enter the amount as -0.01 with the Exempt 0% VAT code

4) Scroll down to the 'Includes VAT @' and edit the amount in the box to the amount to reclaim

 

This will post the full amount to box 4 on the VAT return.

 

You can add additional lines to the expense for the split-transaction but this will change the VAT amount you have entered to 0.00 and you would need to calculate the overall VAT amount 

 

 

Thanks!

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