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I'll help you make sure that the purchase is recorded accurately so you can reclaim this when filing your VAT Return, jo59.
First, you need to set up the Flat Rate Scheme in your account. Here's how:
Second, you will see a check box for VAT Reclaimable when creating a bill or expense transaction to record the capital purchase. The reclaimed amount will be reported automatically in Box 4 of your VAT Detail Report.
You can also check out these articles for more details:
Feel free to check out this guide as well on how to submit your VAT return in QBO: Submit A VAT Return In QuickBooks Online.
The Community is always here if you need more help when tracking your VAT amounts.
I'll help you make sure that the purchase is recorded accurately so you can reclaim this when filing your VAT Return, jo59.
First, you need to set up the Flat Rate Scheme in your account. Here's how:
Second, you will see a check box for VAT Reclaimable when creating a bill or expense transaction to record the capital purchase. The reclaimed amount will be reported automatically in Box 4 of your VAT Detail Report.
You can also check out these articles for more details:
Feel free to check out this guide as well on how to submit your VAT return in QBO: Submit A VAT Return In QuickBooks Online.
The Community is always here if you need more help when tracking your VAT amounts.
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