Missing VAT receipts

Missing VAT receipts

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Hi,

I have a quick question which I'm hoping someone can answer...

If I have a till receipt, but am missing the VAT part that goes with it, I know I cannot include the VAT on my VAT return.  But when I am preparing my accounts for my tax return, can I include the receipt as an expense and can I include the VAT at that point?

Sorry if this is really basic - I'm not an accountant!

Thanks in advance!

 

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By cparker87
05th Jan 2015 19:51

You can claim Input VAT in certain circumstances without a valid VAT invoice. See http://www.hmrc.gov.uk/manuals/vitmanual/vit31200.htm

In terms of deducting the expense for accounting purposes you include the VAT exclusive amount where you have claimed the VAT back and the VAT Inclusive amount where you have not. Where it goes in the trial balance depends on its nature.

Ideally the system you use should produce VAT returns and Accounts (or at least a trial balance). It's all from the same data anyway. If you are using a different system for each you should have a review.

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Replying to Matrix:
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By Clare Bunning
05th Jan 2015 20:24

That's really helpful - thank


That's really helpful - thank you very much!!!

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