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January 6, 2020
Question

How do I reclaim vat on car and where do I enter in qbooks

  • January 6, 2020
  • 1 reply
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1 reply

Kristine Mae
January 6, 2020

You can reclaim all the VAT on a car if you use it for business only, Johnbrankin.

 

Once you're able to reclaim it, you can record it as VAT only expense. I'll guide you how:

  1. Click the New or Plus sign (+) icon.
  2. Select Expense.
  3. In the first line item, select an account, then enter £1 in the amount column.
  4. Select 20% Standard code in the first line item.
  5. In the second line item, select the same account, then enter enter -£1 in the amount column.
  6. Select an exempt code in the second line item.
  7. Enter the reclaim amount in VAT field.
  8. Click Save and close

I'll include a screenshot for better guidance.

 

 

You can also check this article so you'll know what VAT code to use. 

 

Keep us posted if you have other concerns. We're here to assist you.