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Accounting for petrol / VAT / FreeAgent

stebag · 2017-08-29 10:20:54

Hi there, I'm a sole trader and doing my first VAT return next month. Trying to wrap my head around the petrol situation. I understand that I can't claim VAT back on petrol purchases. I'm using FreeAgent - should I just be recording petrol as purchases at 0% VAT so that my VAT reports are accurate? Or should I be recording…

29-08-2017 10:20am

#1

stebag

Registered Users, Registered Users 2 Posts: 10 ✭

Join Date: April 2014

Posts: 5

Hi there, I'm a sole trader and doing my first VAT return next month. Trying to wrap my head around the petrol situation. I understand that I can't claim VAT back on petrol purchases.

I'm using FreeAgent - should I just be recording petrol as purchases at 0% VAT so that my VAT reports are accurate? Or should I be recording them as purchases at 23% VAT and just manually excluding them from my VAT return. Or is there a difference?!

Any help appreciated!

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