Claiming only part of an expense

Eg White · ‎May 17, 2019

Having just signed up for QuickBooks, because of making tax digital, I need to know if it is possible to, for instance, claim only 40% of my home electricity. The majority of my VAT submission to HMRC is claiming my receipts against VAT (I’m a self-employed single trader) but with telephone, electricity, diesel and some other expenses, I can only claim part, on account of working from home. How do I do this most effectively? Is it possible to set up a template in my expenses section of the program, to charge some expenses at 40%, 25% or 80%, as is appropriate?

TaliaI · ‎May 17, 2019

Hello Eg White,

You will need to manually work out how much VAT you are due to claim back on these expenses manually, and then split the transaction between VAT & No VAT so that only the amount you are due to reclaim posts to your return.

This is the only way we can think to suggest, however we would advise to speak to an accountant to check if there's any further way they are aware of.

Thanks,

Talia

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John C · ‎May 17, 2019

Hi Eg White

We acknowledge that you state you are self employed however we would be grateful if you can confirm wehther you are using the Self Employed product or one of the small business products.

Eg White · ‎May 17, 2019

My accountants have bought licenses to 10 packages from QuickBooks, which I think are QuickBooks plus. I imagine that is one of the small business products, but I don't know.

TaliaI · ‎May 17, 2019

Hello Eg White,

You will need to manually work out how much VAT you are due to claim back on these expenses manually, and then split the transaction between VAT & No VAT so that only the amount you are due to reclaim posts to your return.

This is the only way we can think to suggest, however we would advise to speak to an accountant to check if there's any further way they are aware of.

Thanks,

Talia

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Claiming only part of an expense