Question asked by Richard Cook 10 years ago
Hi All,
I'm scratching my head at the moment trying to see VAT from a Journal entry
I purchased an item for £49.95
I have managed to create a Journal entry between Plant & equip.. and Directors Loan Account, but how do I see/enter the £8.33 VAT in order to claim it back?
I see there is a VAT control Account, but it's a mystery..
Thanks in advance!
Rick
Hi Rick,
Yep that seems perfect - the system should add 8.33 to box 4 and 41.62 to box 7.
Best answerOk, I may have answered my own question, does this look correct?
Hi Rick,
Yep that seems perfect - the system should add 8.33 to box 4 and 41.62 to box 7.
Best answerThank's for the swift response John..
May I ask another question..
My monthly rail season ticket is of course zero VAT rated, am I right in thinking these purchases should show up in Box 7 of the VAT return - and nothing in box 4?
Again thanks for the response!
No problem Rick,
Any purchases or expenses with a 0% VAT rate will show up in box 7, however they will also show up in box 4 albeit with a 0 amount.
You must 