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Level 1

How do I enter a capital expense of over £2000 into Quickbooks Online so that I can claim back VAT on the flat rate scheme

Hello!

 

I've a limited company on the flat rate VAT scheme. I've recently made a purchase of some computer equipment for the business, the total coming to over £2000.

 

As I'm on the flat rate scheme I should be able to reclaim the VAT on this purchase. What is the correct way to enter this expense into Quickbooks so that the VAT reclaim is correctly handled in my VAT return?

 

Thanks,

Louis

Solved
Best answer February 27, 2020

Accepted Solutions
QuickBooks Team

How do I enter a capital expense of over £2000 into Quickbooks Online so that I can claim back VAT on the flat rate scheme

Hey lpil,

 

 

Thanks for your post and welcome to the QuickBooks Online Community!

 

When the Flat Rate Scheme is enabled within QuickBooks, an additional field for 'VAT reclaimable' with a check-box will show on purchase transactions. 

 

Enter your expense as usual and select this to reclaim the VAT, this will then post the VAT amount to Box 4 'VAT reclaimed on purchases' on your return. 

 

 

Thanks

View solution in original post

3 REPLIES 3
QuickBooks Team

How do I enter a capital expense of over £2000 into Quickbooks Online so that I can claim back VAT on the flat rate scheme

Hey lpil,

 

 

Thanks for your post and welcome to the QuickBooks Online Community!

 

When the Flat Rate Scheme is enabled within QuickBooks, an additional field for 'VAT reclaimable' with a check-box will show on purchase transactions. 

 

Enter your expense as usual and select this to reclaim the VAT, this will then post the VAT amount to Box 4 'VAT reclaimed on purchases' on your return. 

 

 

Thanks

View solution in original post

Level 1

How do I enter a capital expense of over £2000 into Quickbooks Online so that I can claim back VAT on the flat rate scheme

Can you tell me how to do this transaction on Quickbooks Desktop please.

I have an invoice where i can claim back the VAT but the button to reclaim isn't highlighted.

QuickBooks Team

How do I enter a capital expense of over £2000 into Quickbooks Online so that I can claim back VAT on the flat rate scheme

Hello there, @clarelg.

 

I've already responded to this question that you've posted on a separate thread. You can refer to this link to see what the best thing to do in handling this situation: Reclaiming VAT on Flat Rate (desktop quickbooks).

 

Know that the Community is always here to help you with any QuickBooks concerns. Take care!

 

 

 

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