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cynthia34
Jan 28, 2022 4:17 PM UTC
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)?

no payment made so cannot claim/account for as i usually do.
paul72
paul72Answer
Jan 31, 2022 4:17 PM UTC

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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3 replies

paul72
paul72
Jan 31, 2022 3:58 PM UTC

Hi @cynthia34 

 

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

cynthia34Author
Jan 31, 2022 4:10 PM UTC

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
Jan 31, 2022 4:17 PM UTC

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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