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cynthia34
January 28, 2022
Solved

Does anyone know what tax code to select on a vat return adjustment to enter a deferred charge in boxes 1 and 4 (thus cancelling out to 0)?

  • January 28, 2022
  • 1 reply
  • 0 views
no payment made so cannot claim/account for as i usually do.
Best answer by paul72

Glad you've worked it out @cynthia34  

Yes - that's correct, for Post VAT Accounting (deferred VAT on Imports available since January 2021) use 20%PVA

 

Surprised that QB Support didn't direct you to their Common VAT Codes page: https://quickbooks.intuit.com/learn-support/en-uk/value-added-tax/common-vat-codes/00/239529

1 reply

paul72
paul72
January 31, 2022

Hi @cynthia34 

 

Please explain what this Deferred Charge is for.  It will help & probably make a difference to the VAT Code suggested.

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cynthia34Author
January 31, 2022

Hello Paul

Thank you for responding.

It was for vat charge on import of goods (not from EU) with deferred payment, but no actual payment required as I can reclaim.The dilemma was getting it into boxes 1 and 4 as advised by vat office. I have managed to resolve this, with a bit of angst, using a tax  PVA tax code and all appears to be in order.

Quickbooks support were unable to assist me, somewhat disappointing.....

paul72
paul72Answer
January 31, 2022

Glad you've worked it out @cynthia34  

Yes - that's correct, for Post VAT Accounting (deferred VAT on Imports available since January 2021) use 20%PVA

 

Surprised that QB Support didn't direct you to their Common VAT Codes page: https://quickbooks.intuit.com/learn-support/en-uk/value-added-tax/common-vat-codes/00/239529

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