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Books&Magazines expenses: who owes whom?
I paid out of pocket for some professional books and magazines for the company. Tried to input it using 'Books' expense category.
It looks like it is added as a balance I owe to the company!
All other expenses are shown as balance owed to me.
Is it a bug? Should I assign books and magazine to Staff Training instead?
Another question: can I not claim VAT on travel expenses and books & magazines?
Thank you
It looks like it is added as a balance I owe to the company!
All other expenses are shown as balance owed to me.
Is it a bug? Should I assign books and magazine to Staff Training instead?
Another question: can I not claim VAT on travel expenses and books & magazines?
Thank you
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Olga,
Sounds like a bug - sorry for the inconvenience - could you let me know the details of the offending expense by email (ed at freeagentcentral dot com) and we'll take a closer look?
Your other question - books, magazines and most kinds of travel are 'zero-rated' for VAT in the UK. You don't pay VAT on them, so there's nothing to reclaim.
If you incur a travel expense of some kind that does include VAT (check out the receipt - it's legally required to show it) then just change the VAT rate on that expense to show '17.5%' instead of 'Auto'.
The company says
this answers the question
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Inappropriate?Olga,
Sounds like a bug - sorry for the inconvenience - could you let me know the details of the offending expense by email (ed at freeagentcentral dot com) and we'll take a closer look?
Your other question - books, magazines and most kinds of travel are 'zero-rated' for VAT in the UK. You don't pay VAT on them, so there's nothing to reclaim.
If you incur a travel expense of some kind that does include VAT (check out the receipt - it's legally required to show it) then just change the VAT rate on that expense to show '17.5%' instead of 'Auto'.
The company says
this answers the question
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