This is my first time posting on the forum but have found lots of the posts usefull so have joined myself.
My question is:
I have a receipt for fuel but it also has ciggarettes and a drink on the receipt. I know i can claim the vat back on the fuel so when inputting on sage i go to payment then add the details, nominal code is 7300 for fuel but they have charged vat on the whole total amount (inc drink etc). I think i need to put the total spent on the d/c onto sage so bank reconcilliation is correct but which nominal code should i use and how do i break down the vat costs as cant claim for ciggarettes and a drink to input on sage????
Assuming your receipt is for a sole trader, then the drink and cigarettes should be posted to the drawings code, otherwise the directors loan account.
Yes you can only claim the vat on the fuel. For instance if the fuel is £50 then divide by 6 and you have the vat amount of £8.33 so your net figure is £41.67 to fuel.
Thanks for your help but still a little unsure? Yes the receipt is for a sole trader but is VAT registered. Does the receipt have to go on as one transaction total amount or should I post them separately? The receipt is for fuel at £10.00 drink £2.35, cigarettes £6.79 so a total of £19.14 i nc vat. vat amount is £3.19? How should this be entered on sage? Sorry to be a pain : )
