To recover VAT from purchase invoices in Accountable, you need to confirm the expense is a formal invoice, attach the document, and check that the accounting category allows VAT recovery. This article walks you through each step.
Please note that this article provides general guidance only. Tax rules may vary depending on your individual situation. When in doubt, ask your Tax Coach.
1. Make sure the 'Invoice' tick box is checked in the Add/Edit Expense screen
You can only recover VAT from purchase invoices, not receipts. Those invoices must include your VAT number.
If that is the case, tick the box. This opens the VAT amount field where you can enter the VAT shown on the invoice.
2. Attach a document, always
Accountable only processes expenses with an attached proof document. This is also a key requirement in the event of a tax audit.
3. Check that the accounting category allows VAT recovery
Specific accounting categories do not allow VAT recovery. For instance, unless you work in the restaurant business yourself, you cannot recover VAT on restaurant receipts. The deductibility rate for VAT in that category is 0%.
(Curious about what you can and cannot deduct? Visit our platform All-You-Can-Deduct.)
🎥 Want to learn more? Join our upcoming webinar 'Claim it right: top deductible expenses', hosted live by one of our tax coaches to answer your questions.
Key takeaways
VAT recovery applies to purchase invoices only, not receipts. The invoice must include your VAT number.
Always attach a proof document to your expense in Accountable.
Some accounting categories, such as restaurant expenses, do not allow VAT recovery.
Need help? Chat with us or email support@accountable.eu, we're happy to help.