VAT Notice 700/64:4 reclaiming input tax on leases - How do I input this on clearbooks?
Question asked by Laura Harrington 5 years ago
Hi there, wondering if someone can help...
We recently took out a company car lease agreement of which the majority is business use but also some personal, I believe I am correcting thinking I can reclaim only 50% of the VAT on the rental element and 100% of the VAT on repairs and maintenance (service rental amount)
How can I input this on Clearbooks so that only 50% of the VAT is on the VAT return? I have had a go at entering as a journal as think this is the best way? but unsure if I have done it correctly?
Also, how do I then deal with the amount when I rec the bank?
Any help would be hugely appreciated!