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</ul> </li> </ul> </nav> </header> </aside> <div class="main-content col-xs-12 col-md-8"> <div id="TOC" class="toc-wrapper"> <div class="well toc"> <ul> <li class="nav-header">Table of Contents</li> </ul> <ul> <li><a href="#vat126-claim-for-refund-by-local-authorities">VAT126 Claim for Refund by Local Authorities</a></li> </ul> </div> </div> <h1 id="vat126-claim-for-refund-by-local-authorities">VAT126 Claim for Refund by Local Authorities</h1> <p>HMRC allow certain non-VAT registered bodies like Local Authorities to reclaim VAT paid on goods and services. To reclaim the VAT, form VAT 126 is required. This is a simple list showing the VAT portion of all relevant transactions.</p> <p>Assuming that the company setup wizard has been set as non-VAT registered, the question is ‘how do you prepare that list when you have no access to the VAT section’.</p> <p>The answer is to open a new Expense Account, naming it ‘VAT126 Claims’ or something similar. Every time you enter an expense of this type, enter 2 transactions:</p> <ol type="1"> <li>The original purchase (normal Purchase Transaction for the full amount From Bank To Expenses)</li> <li>A Transfer Transaction From Expenses To VAT126 Claims.</li> </ol> <p>At any time, you can now go to the Chart of Accounts, double click on the VAT126 Claims account and view or export all your claims. You can get a full audit, if necessary, by doing the same with your real expense accounts.</p> <p><strong>TIP:</strong> You can get the software to calculate the VAT portion for you by entering an = sign and the following equation: full amount - (full amount / vat rate) Example where Full Amount = 11.50 and VAT Rate is 15%: =11.5-(11.5/1.15) will produce 1.50</p> <p><strong>NOTE:</strong> You would be better advised to enter the VAT exactly as it appears on your receipt rather than auto-calculate it. 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