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Is it possible to add VAT to expenses?
We want to move to a web-based accountancy app, and really like the look of Less Accounting. However, it seems geared towards the US market. Is there, or will there be, a UK specific version which has more support for VAT?
As far as I can see there is no way to enter the amount of VAT paid on an item, so therefore there isn't a simple way to do a VAT return from this package.
I'm really impressed by the rest of the software, but this feature is essential to us, and we can't be alone.
Many thanks
As far as I can see there is no way to enter the amount of VAT paid on an item, so therefore there isn't a simple way to do a VAT return from this package.
I'm really impressed by the rest of the software, but this feature is essential to us, and we can't be alone.
Many thanks
I’m undecided
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Inappropriate?Many people that have VAT taxes add a separate line item for the tax. We don't have the most elegant solution for VAT but it seems to work for most. Also you'll need the "more" accounting package to have multiple sales taxes.
I’m thankful
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Inappropriate?Jorden,
Do you mean keeping track of what portion of a expense went to pay vat? I assume you get a tax deduction on that amount? -
Inappropriate?Hi Steven
You don't get a tax deduction as such – VAT is a separate tax, so you have to add (normally) 15% on to your sales, but you can claim back VAT you have paid.
So it is important to be able to track any expenses that have VAT included (but the percentage does vary). When making a VAT return, you only pay the difference between the VAT invoiced, and VAT paid.
I hope this makes some sense.
Many thanks
Jordan -
Inappropriate?It does. We are working on split expenses which will allow you to assign a portion of the expense to a different category, including sales tax or vat.
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Inappropriate?just found that thread... I have exactly the same question as Jordan.
@stevenbristol Is there already a solution for that problem? As I understood, you are working on the option to separate your expense into different parts so that one could be VAT. Would be great to have this option! In case ther already is, it would be very kind if you tell me where I can find it!
Many thanks! -
Inappropriate?It's not ready yet. It is very high on our priority list.
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