Reclaiming VAT on Fuel Element in UK

The_Cardinal

Hi,

In the UK we are allowed to reclaim the VAT on the fuel element of business mileage.

In my previous accounting package I had two accounts for this, VAT Due and VAT Recovery. Debiting the VAT Due account reduced my liability to the HMRC.

Would I do womething similar in Wave, or is there a better way to do this?

Many thanks,

Stuart

ConnorM

Hey @The_Cardinal! That's a great question! It sounds like the way you've been doing it previously is a really solid way to track that reclaimable VAT amount. I'd say keep going ahead with that method!