How do you claim VAT on items bought prior to VAT registration?
It states on HMRC website that you can claim up to 4 years worth but I don't know how I go about this on Quickbooks. Can anyone advise me on this matter please?
Many thanks, Brad.
Greetings, DNA Carpentry.
I can see this is your first question here in the Community, so let me take the time to welcome you to the Quickbooks Family. Let me provide some insights on how to claim VAT for your items.
If you already entered the products in QuickBooks, you'll have to manually copy the data from the VAT return and enter them through the MTD Bridging Tool. Here's how:
However, if you haven't recorded them, follow the steps in this article: How to enter historical information. Once done, enable the MTD feature in QuickBooks so you can submit the return through that option.
Then, let’s go ahead and authorise QuickBooks to interact with the HMRC. To visually guide through the process, click on this link and proceed to Step 2.
After completing this process, you can now submit the VAT return.
Those resources should get you on the right path.
If you have additional questions about the process, leave me a comment. I'll be right here to assist further. Wishing you the best.