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October 14, 2019
Question

I have purchased a van and have paid the vat up front as a deposit how do I claim back this on the return?

  • October 14, 2019
  • 1 reply
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1 reply

October 14, 2019

Hi lesleyjames062, 

 

You can easily reclaim the VAT paid by entering a bill for 100% VAT with the details below:

 

1) Click on the + sign and select Bill

2) Enter the bill details (date, payment account) and set the VAT 'Amounts are' to 'Exclusive of VAT'

3) On the first transaction line, choose the account you want to use. For the rate, enter £0.01, and for the VAT code, select the 20% Standard code

4) On the second line, select the same account. For the rate, enter -£0.01, and choose the Exempt VAT code.5) Scroll to the subtotal - the total of the invoice will be 0. You can then edit the amount in the VAT box to input the amount you need - this will post to box 4 of the return

 

Thanks!