Hi All,
I work for a company which purchases goods for interior design projects.
Some of our purchases are through trade accounts, but the vast majority are not. The budgets for the projects can be in excess of £250k, so the number of individual transactions can be huge. We outsource the majority of bookkeeping to an accountant at present.
Each quarter we are provided which a huge list of transactions, for which we must supply an supply invoice to be able to reclaim the VAT. As the transaction is often a retail purchase online, VAT invoices are difficult to obtain. I'm trying to get to the stage whereby we are only placing orders with trade accounts, but until we can get to that point, I need to still obtain paid supplier VAT invoices which is proving difficult.
Is there a way we can cut down on this administration? Is there a method of creating an invoice at the point of sale, either by a credit card transaction or pre-payment card? Is there an authorised system which deals with a link to HMRC that proves the transaction, and therefore reclaims the VAT, but doesn't necessarily ask for a VAT receipt from the vendor? Or am I asking for the impossible? I've seen it's possible with Nat West One Card but it looks like the turnover needs to be in excess of £2m per year.
Any advice gratefully received.
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