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adding expense into locked vat period
Hi there,
I need to add a reoccuring expense from August last year up to now. However this covers a locked VAT period. Although, the expense does not include any VAT (personal mobile). Is there anything else i can do to add this expense?
I need to add a reoccuring expense from August last year up to now. However this covers a locked VAT period. Although, the expense does not include any VAT (personal mobile). Is there anything else i can do to add this expense?
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Inappropriate?Hi James,
If we allowed out of pocket expenses to be added in a locked period the 'Total value of purchases' figure on the corresponding VAT return would be wrong. The exception to this is if you're on the flat-rate VAT scheme, but we don't support locking to that level of granularity in FreeAgent right now.
We think it's best if you claim the historical expense post-dated to today and add some info in the description to that effect (for when the Inspector comes calling).
Does that help?
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Inappropriate?that is true. ok, thanks for checking that out for us, think you've got the best solution.
Cheers -
Inappropriate?On a related note, I have some expenses for the last month or two before the end of my last financial year and VAT period. I didn't manage to enter them into FreeAgent in time but I'm on the flat rate scheme - I know that if I unlock that VAT period it will let me add them and it won't affect the values on my VAT return but will it upset figures anywhere else?
Thanks
Simon
EMPLOYEE
