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Can You Claim Back VAT Without a Receipt?
We’re sure you have better things to do than work through the finer details of whether you can reclaim VAT without a receipt. Let us help you… if you are scratching your head about how to claim VAT back if you don’t have an itemised VAT receipt, here’s the short answer: As a VAT-registered business…
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Can I Claim VAT on Mileage?
If you are not claiming VAT on mileage payments, you need to double-check your processes. If you are not claiming business mileage at all – shame on you! By not doing so, you are leaving money on the table. Your money, extra profit in the business that you could be paying to yourself. Firstly, reclaiming…
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What Does No VAT Mean in QuickBooks? (When to Use)
One of the biggest misconceptions when completing the bookkeeping for your small business is £0 VAT equals No VAT in QuickBooks. When using QuickBooks as your bookkeeping software you may be enticed to use the No VAT tax rate for all transactions that have no VAT. That would be a sensible thing to do right? …
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What is T9 Used for in Sage?
One of the biggest misconceptions when completing bookkeeping for your small business is £0 VAT equals ‘T9’ on Sage. When using Sage as your bookkeeping software you may be enticed to use the tax code T9 for all transactions that have no VAT… After all, T9 in Sage equates to transactions not involving VAT. This…
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The Difference Between Zero-Rated and Exempt VAT?
To most, the rate of VAT in the UK is 20% or zero, but nothing in the UK tax system is ever quite that is simple. If you are running a small business and you are unaware of the differences between zero rated and tax-exempt VAT rates, how do you know that you are doing…
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When to Use No VAT in Xero
One of the biggest misconceptions when completing the bookkeeping for your small business is £0 VAT equals ‘No VAT’ in Xero. When using Xero as your bookkeeping software you could be enticed to use the No VAT tax rate for all transactions that have no VAT. That would be a sensible thing to do right?…
