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stefanom1001
Dec 16, 2020 12:37 AM UTC
Solved

I'm about to move from the Flat Rate Scheme onto the Margin Scheme. Is it compatible with Quick Books? I can't see how it can be done. Thanks

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GlinetteCAnswer
Dec 16, 2020 1:47 AM UTC

Hello, stefanom1001. I'm here to share some insights about the Margin Scheme.

 

Currently, the VAT Margin Scheme isn't supported in QuickBooks Online. An accountant may be able to provide journal entries which would allow you to record adjustments in QBO. 

 

You can also read these links that help your tax tracking and list of vat codes:
 

Please let me know if you have any other additional concerns about VAT. I'm always here to help.

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3 replies

GlinetteCAnswer
Dec 16, 2020 1:47 AM UTC

Hello, stefanom1001. I'm here to share some insights about the Margin Scheme.

 

Currently, the VAT Margin Scheme isn't supported in QuickBooks Online. An accountant may be able to provide journal entries which would allow you to record adjustments in QBO. 

 

You can also read these links that help your tax tracking and list of vat codes:
 

Please let me know if you have any other additional concerns about VAT. I'm always here to help.

stefanom1001Author
Dec 17, 2020 6:15 PM UTC

Thanks for your reply GilnetteC. That's disappointing that the Margin Scheme isn't supported; now that the government wants us to submit tax returns digitally, this creates a bit of a headache. Do you know how I'd be able to add my VAT to QB's manually after calculating what's due in a separate stock book?

Please excuse my ignorance, but what exactly are you referring to when you talk about making "adjustments" using journal entries.

Is there any sign of QB's being able to incorporate the Margin Scheme in the future?

 

Angelyn_T
Angelyn_T
Dec 17, 2020 8:00 PM UTC

Thank you for following up with us, @stefanom1001.

 

Allow me to step in for a moment and share with you additional insights about VAT in QuickBooks Online.

 

The adjustments mentioned by GlinetteC refers to the taxes or VAT you need to record. In your case, you need to reach out with an accountant for help as it needs customisation with the invoice/s so a margin will be applied that would comply with your business needs.

 

Though the VAT Margin Scheme is currently not supported in QuickBooks Online. Rest assured our product developers are working nonstop to enhance the product for our customer's convenience. Hopefully, this will becomes available in the future.

 

To stay current with the latest QuickBooks news and feature enhancements, you can visit our blog site.

 

Moreover, here are some links you can read more about VAT:

 

If you have any other questions about taxes or QuickBooks, please let me know by adding a comment below. I'm here anytime to help. Have a good day!

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