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Level 1

Can anyone tell me how to record the vat element in mileage claims?

 
3 REPLIES 3
QuickBooks Team

Re: Can anyone tell me how to record the vat element in mileage claims?

Hello David1955,

 

Can you confirm which product you are using QuickBoks Online,QuickBooks Desktop or QuickBooks Self Employed? Are you recording the VAT part only as a 100 percent VAT transaction or doing a split expense transaction.for the mileage of which part is Vatable.

 

Thanks

 

Emma

 

Level 1

Re: Can anyone tell me how to record the vat element in mileage claims?

Hi Emma

it's QB on-line and  a split expense transaction for the mileage of which part is Vatable.

QuickBooks Team

Re: Can anyone tell me how to record the vat element in mileage claims?

Hi David1955,

 

 

Its possible to enter this all on one expense however I'd recommend recording it on two separate transactions for ease.

 

To record the 100% reclaimable mileage vat, create an expense with the details below:

 

1) Select the date and bank account

2) Set the 'Amounts are' as Exclusive of TAX

2) On the first line, select an account on the category drop-down, enter the amount as 0.01, and choose the 20% S VAT code

3) On the second line, choose the same account and enter the amount as -0.01 with the Exempt 0% VAT code

4) Scroll down to the 'Includes VAT @' and edit the amount in the box to the amount to reclaim

 

This will post the full amount to box 4 on the VAT return.

 

You can add additional lines to the expense for the split-transaction but this will change the VAT amount you have entered to 0.00 and you would need to calculate the overall VAT amount 

 

 

Thanks!