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MTD vat return

Problem reported by Jo Tams 4 months ago

Hi

Being forced to do a vat return the MTD way, we are on a flate rate scheme at 9.5% but have always been told we can claim vat back on purchases over £2000. I have a purchase over £2000 and it is not showing up on my vat return.

Any ideas how to make it show up on vat return so we can claim the vat back.

Many Thanks Jo

5 Replies

Hi Jo,

You would need to make sure the purchase is allocated to a fixed asset account code for purchases over £2000 to be displayed on the VAT return. Is the current purchase allocated to a fixed asset code?

All the best,

Mohamed.

No it is not. Does the £2000 rule only apply to fixed assets?

Many Thanks Jo

Hi Jo,

Yes. The system will only apply the rule to anything recorded under a fixed asset account code.

All the best,

Mohamed.

OK, that solves that then.

Thank you very much.

Jo

Hi Jo,

You're more than welcome.

All the best,

Mohamed.

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