Make sure to get a VAT receipt from big stores
If you make business purchases from stores like B&Q, Argos or Tesco for example – you’ll notice that the VAT number is often on the back of the till receipt.
The items starred on the receipt will be VAT inclusive so that will help you identify the VATable items on the receipt.
You can also take your receipt to Customer Services and ask them to provide a proper VAT receipt made out to the company which ticks all Revenue boxes and clearly shows the company VAT number and your company name.
If there are no starred items on your receipt – i.e. milk for the office, then there is no VAT to recover you just need the detailed store receipt to document the amount spent in your accounts.
A great way for capturing VAT on business purchases like B&Q, Argos or Tesco is the Receipt Bank App. Receipt Bank is ideal for keeping track of your business expenses without the hassle of keeping receipts and invoices. Receipt Bank has full integration with Xero cloud accounting software. As authorised partners with both Receipt Bank and Xero, were available to help you with any questions in terms of setup, integration and ongoing support.