Hi everyone, I am new here and so great to find this place, everyone seems so friendly -
I am a starter and here I have a VAT related question:
for VAT registered business: the VAT Account - I thought only Sales & Purchase items need to post VAT into the VAT Account, what about bills paid for Telephone, Petrol, Postage and everything else? I have a feeling that these VAT also need to be posted into the VAT Account, is this right? and does this mean that the business could claim back such VAT paid later on?
I hope my question was clear enough to understand, please advise and thank you!
Hi Anna, Welcome to the forum! Yes you are right, anything that is spent from the business that incurs VAT such as telephone bills, petrol etc and which is soley for use in the business can be claimed back although it isn't actually quite as simple as that naturally. VAT 700 is the HMRC definitive notice for all things VAT and can be found here:-
Yes you are right, anything that is spent from the business that incurs VAT such as telephone bills, petrol etc and which is soley for use in the business can be claimed back although it isn't actually quite as simple as that naturally. VAT 700 is the HMRC definitive notice for all things VAT and can be found here:-
