RECLAIM YOUR PRE-REGISTRATION VAT EXPENSES!

[@Stucrompton1]

thanks for the video mate, where do i upload the invoices for evidence of the claim, cheers

[@BoffixAccountancy]

No problem! Just upload straight to the transaction within QB.

[@elainefisher747]

What can private schools, who are going to have to charge VAT on fees, can they claim back pre VAT? Another area labour obviously didn’t think about.

[@BoffixAccountancy]

Yes, they will be able to make claims back.

[@richardwomersley9761]

I only Listend to you on James Sinclairs podcast the other day and now I have come across you on KZbin! At what point do I claim back the pre registration VAT is it on Registration or part of my first Vat return (when would this be? I ent over the Threshold on 19th of June?) Thanks

[@BoffixAccountancy]

Yes, it would be upon registration!

[@oibab1475]

Great video. I'd love it if you could answer a question for me (it has been causing me quite the headache). ; If a VAT registered re-seller, purchased items from a non-VAT reg supplier, to re-sell on Amazon, what is the correct VAT calculation for this transaction? Would the VAT registered re-seller simply have to pay 20% on the sale price (as there is no VAT to reclaim off of the purchase)?

[@BoffixAccountancy]

Thanks! There is no VAT to claim as they are a non-VAT reg supplier, if you would like to discuss this further then feel free to get in touch: bit.ly/3ycvJC8

[@CarlosHernandez-j2w1h]

Could you please explain how to attach a VAT receipt to a transaction already done ? thank you

[@BoffixAccountancy]

Find the transaction within QuickBooks and attach it there, it will be in the bottom left-hand corner.

[@ariellakemeny9569]

Quick question: I am registered on the flat rate scheme and trying to make these adjustments in Quickbooks to reclaim vat on preregistration expenses but Quickbooks doesn’t let me. It says that on flat rate scheme you can’t make changes to transactions that marked as filed. How do I go around this please?

[@BoffixAccountancy]

That is the one downside of the flat rate scheme, there is no easy way around it, we advise you to speak with your/an accountant to do this! If you would like to get in touch with our team, you can do so here: bit.ly/3ycvJC8

[@paulbarnes1549]

Really useful but i now have an issue. Having generated the pre-reg report to the 28/2/23 and filed on the date 6/7/23, it doesn’t show up the exceptions or amounts owed on the first return for the period 1/3/23 to 31/5/23?

[@BoffixAccountancy]

Ensure the first dummy return is filed and then the changes will appear in your next real return!

[@paulbarnes1549]

@@BoffixAccountancy It is marked as filed an paid but not showing on next return. I can't send a screen shot. I will try qbo help tomorrow hopefully.

[@paulbarnes1549]

QBO have unfiled the pre-reg return and then added adjustments to the current return. I will let my accountant check it before submitting.