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Ebbage
Ebbage
February 9, 2021
Solved

Domestic Reverse Charge - DRC - upcoming changes construction

  • February 9, 2021
  • 2 replies
  • 0 views

Hi everyone,

 

has there been any news when the QBO will be updated with the correct VAT codes or is this required to be done manually? I have guidance from Xero/Sage but nothing from QuickBooks yet.

 

Thanks,

Ryan

 

Best answer by EmmaM

Hello Ebage, we'll be adding 2 codes for the upcoming changes in  QuickBooks Online, we have updated this link and added a q and a as well on the domestic reverse charge.

2 replies

A
Ashleigh1
February 9, 2021

Hello Ebbage, 

 

Welcome to the Community page, 

 

So we have no information update yet of this, you can have a look at this article, but it will be ready to use on the 1st March 2021 in Quickbooks. 

M
Michelle Turner
February 16, 2021

I have been sent this link to amend the codes 

https://quickbooks.intuit.com/learn-support/en-uk/taxation/vat-domestic-reverse-charge-for-cis/01/788290 

 

Be careful and note there are a few errors in there (screenshot for standard purchases shows 0% however instructions rightly state -20%) 

Also - be aware these changes will calculate your VAT correctly -- however your invoices will need a manual note and calculation to show how much VAT and that reverse VAT is applicable -- really not ideal to say the least!

 

Ebbage
EbbageAuthor
February 16, 2021

Hi Michelle,

 

Thanks for this, but I am right in saying this is just for the desktop version? I believe the online version QuickBooks will be releasing codes similar to the brexit codes released at the start of the year. 

 

Thanks! 

E
EmmaMAnswer
February 16, 2021

Hello Ebage, we'll be adding 2 codes for the upcoming changes in  QuickBooks Online, we have updated this link and added a q and a as well on the domestic reverse charge.

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