We support a few charities and I am coming to process the in Quickbooks, we are a limited company
We sent a cash payment to a charity and I am wondering what I key for VAT, No Vat, Exempt or zero rated?
We also purchase toys/ selection boxes / toiletries / clothing to send to a children's charity - again I am unsure as to whether we can claim the VAT back on these (I presume not?) and therefore would I process them on Quickbooks as No VAT, zero rated, or exempt?
Many thanks!
-- Edited by torracj on Tuesday 27th of February 2024 04:35:49 PM
jammidodger said
Wed Feb 28 17:25 2024
Hi, for cash donations to charities I would select No VAT in QuickBooks. You can't usually reclaim VAT on items bought specifically for donation to a charity, as they need to directly relate to the activities of the business.
torracj said
Thu Feb 29 09:24 2024
Thank you for the reply! Just for VAT purposes I just wanted to ensure I was choosing the correct option, thanks again!
Good Afternoon All,
We support a few charities and I am coming to process the in Quickbooks, we are a limited company
We sent a cash payment to a charity and I am wondering what I key for VAT, No Vat, Exempt or zero rated?
We also purchase toys/ selection boxes / toiletries / clothing to send to a children's charity - again I am unsure as to whether we can claim the VAT back on these (I presume not?) and therefore would I process them on Quickbooks as No VAT, zero rated, or exempt?
Many thanks!
-- Edited by torracj on Tuesday 27th of February 2024 04:35:49 PM
Hi, for cash donations to charities I would select No VAT in QuickBooks. You can't usually reclaim VAT on items bought specifically for donation to a charity, as they need to directly relate to the activities of the business.