Accounting Ideas

VAT on Lease Electric Vehicles- Need to be able to adjust the VAT to show the 50% that can be reclaimed

We can only reclaim 50% of the VAT on Electric Vehicles on lease. There is no option to adjust the VAT or record for it in Sage Cloud, other than doing a manual entry/adjustment on each VAT return for any transactions that fall in the reporting period. There will be many businesses that will be affected by this. It should be automated with no need for manual adjustment at the time of calculating the VAT return- it leaves to much room for error, especially on quarterly VAT reporting

  • Guest
  • Jan 18 2023
  • One For The Future
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