Hello all,
I am the treasurer for a new charity that is based in the UK. We are small and will hopefully expand in the foreseeable future.
I have recently purchased a laptop and mobile phone through the charity for an employee who has just started.
The charity's capitalisation threshold (for when to capitalise) is £1000. Therefore this has been charged to the P&L as an office expense.
As the invoice has VAT I wanted to ask how I account for the VAT on QuickBooks? Also as a charity am I correct that we do not pay VAT and can claim back? If so do I need to register the charity as VAT registered? I am trying to establish whether it is worth registering for VAT with HMRC?
Thank you all in advance. Happy to clarify on any points further if required.