Input Tax !!!!!!
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Hi<BR>Ooops i am still doing additional questions! I have just come to a question asking if expenditure from petty cash can be reclaimed as inputs for VAT. Where did we cover VAT? I know nothing about input/output VAT, i did payroll before this! Have i missed something ere or can someone tell me where i can learn VAT !<BR>thanks<BR>heather
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Input Tax !!!!!!
Hi Heather<BR><BR>Basically the question is asking if you can reclaim Vat paid out on petty cash items. Most items can be reclaimed, however you need to have the supporting documentation (ie receipt) which has a Vat Number on it in order to be able to reclaim it. If the receipt is missing, or has no Vat number visible on it, the rule is not to claim it back.<BR><BR>Some items don't have Vat on them, eg medicines, childrens clothing, travelling expenses such as flights and trains. So obviously you cannot claim it back.<BR><BR>Sure there must be something about Vat when petty cash is explained, suppose it depends which book you are using.<BR><BR>Anyway, hope this is of use.<BR><BR>Tracy0