VAT Reclaim
I have registered for VAT part way through my year-end. How do I claim VAT on the products that I still have and have paid for in the year on QB to make sure that only my net amount is entered in my nominals?
E.G:
Financial year is 01/04/2025-31/03/2026.
VAT Registered as of 01/01/2026 with first quarter being 01/01/2026-31/03/2026.
Tool bought for £300.00 Gross in November 2025, how do I make sure that only £250.00 goes into my plant & equipment additions and the £50.00 is claimed back as VAT?
I am aware that Box 4 will be adjusted in my first return for anything pre 2025/2026 year-end, however what do I do for anything bought in this year? Do I just categorise anything pre vat registration as gross amount and 'No VAT' and then adjust box 4?
Thanks.