Skip to main content
S
shaggy11
March 4, 2019
Solved

equipment expenses prior to vat registration, how do I claim the vat back?

  • March 4, 2019
  • 1 reply
  • 0 views

Ok, so I have registered for VAT and received my number etc. I am aware I can claim the VAT back on certain purchases for the last 4 years, equipment I still have etc, and also for services for the last 6 months. The question is how and where do I input this information/receipts into QuickBooks

Best answer by JamesC

Hey Shaggy, where's Scooby?! (how many times have you heard that one?)

 

Welcome to the UK Community Page for QuickBooks Online, we try to make this place friendly and fun, whilst still informative.

 

The process of claiming VAT on items bought prior to VAT registration(that fall within HMRC guidelines) when it is your first VAT return you will need to make an adjustment on the return in Quickbooks to account for that. If it is not your first return in Quickbooks you can just add in the expense with the date it was purchased and it will create an exception in the return. This can not be done in the very first return hence the need to do an adjustment

In QuickBooks Online, you can adjust your current VAT account to correct errors on past returns if they are:

  • below the reporting threshold
  • not deliberate
  • for an accounting period that ended less than 4 years ago

For the detailed steps on how to record the adjustment, please see this article: Adjust your VAT liability

 

You'll be able to record that as a tax adjustment. Post your comments below on how we can help you more about recording taxes. We are here for you!

1 reply

JamesC
JamesCAnswer
March 4, 2019

Hey Shaggy, where's Scooby?! (how many times have you heard that one?)

 

Welcome to the UK Community Page for QuickBooks Online, we try to make this place friendly and fun, whilst still informative.

 

The process of claiming VAT on items bought prior to VAT registration(that fall within HMRC guidelines) when it is your first VAT return you will need to make an adjustment on the return in Quickbooks to account for that. If it is not your first return in Quickbooks you can just add in the expense with the date it was purchased and it will create an exception in the return. This can not be done in the very first return hence the need to do an adjustment

In QuickBooks Online, you can adjust your current VAT account to correct errors on past returns if they are:

  • below the reporting threshold
  • not deliberate
  • for an accounting period that ended less than 4 years ago

For the detailed steps on how to record the adjustment, please see this article: Adjust your VAT liability

 

You'll be able to record that as a tax adjustment. Post your comments below on how we can help you more about recording taxes. We are here for you!

Terms & ConditionsAccessibility statement