Quizzes & Puzzles0 min ago
Vat - Company Expenses
(From a VAT virgin!). If an employee purchases something for the (VAT-registered) company and then claims the money back through their expenses, can the company treat this as a purchase themselves for VAT purposes? If so, presumably they must be able to provide a proper VAT receipt?
Sometimes though, such purchases are made along with the employee's weekly 'big shop'. So you might have a metre long till receipt for the employee's food etc which also shows that you have bought a camera for the company which you will be reclaiming on expenses. I don't recall till receipts automatically displaying any VAT element, so do you simply ask for a VAT receipt? If so presumably it would show the VAT element on all the items subject to the tax (including one's own purchases)? Or is the best thing to purchase and pay for the item separately and ask for a VAT receipt?
Any advice appreciated. Ideally, I'd like to prepare/find a guide showing which of the typical office purchases (e.g. soap, loo rolls, stationery, pens) are VATable. Many thanks.
Sometimes though, such purchases are made along with the employee's weekly 'big shop'. So you might have a metre long till receipt for the employee's food etc which also shows that you have bought a camera for the company which you will be reclaiming on expenses. I don't recall till receipts automatically displaying any VAT element, so do you simply ask for a VAT receipt? If so presumably it would show the VAT element on all the items subject to the tax (including one's own purchases)? Or is the best thing to purchase and pay for the item separately and ask for a VAT receipt?
Any advice appreciated. Ideally, I'd like to prepare/find a guide showing which of the typical office purchases (e.g. soap, loo rolls, stationery, pens) are VATable. Many thanks.
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