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Nov 20, 2022 6:59 PM UTC
Question

I will not be a VAT company, when I have expenses should the full cost I paid for the expense (+VAT) be taken into account when finding my business profit for tax year?

I will not be a VAT company, as I won't be earning over the threshold of selling to other VAT companies. My company is an Ear Microsuction Service. 
At the end of the tax year and you provide details of your expenses to find out your taxable profit, is the VAT I have paid for these expenses taken into account within the whole cost of the expense? 

1 reply

Nov 24, 2022 2:23 PM UTC

Hello Enquiries-shawsc, 

 

Welcome to the Community page, 

 

We would advise that you speak to a trained and qualified accountant on the best way to enter this into your QuickBooks account.