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Hello there! I bought six £50 gift vouchers in a shop to give some of my partners a business gift. I received one invoice for £300, but here it states six £50 gift vouchers (0% vAT). How do I enter this correctly in Expenses? Thanks!
Hello there! I bought six £50 gift vouchers in a shop to give some of my partners a business gift. I received one invoice for £300, but here it states six £50 gift vouchers (0% vAT). How do I enter this correctly in Expenses? Thanks!
Why not just enter it as a business gift? I would simply enter it as a business gift with a purchase value of less than £50, as the individual gift is £50. That way, you can reclaim the vAT.You could perhaps add a remark when entering the transaction to indicate to whom you are giving this as a gift. Otherwise, the auditor might think that this is one gift and then you would have to enter it differently, of course.
Thank you for your answer! However, how can I reclaim vAT when the purchases of the gift vouchers clearly state 0% vAT? These are not gift vouchers from my own company, but ones I bought elsewhere.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.