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PDB77
September 3, 2019
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Estimated VAT Payment after missing 1st return

  • September 3, 2019
  • 1 reply
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I'm new to VAT and Quickbooks. After signing up for VAT and Quickbooks I somehow signed up for making tax digital, I don't even remember doing this. So my 1st VAT period was going to be

 

6th of April to 31st of July - return due 7th of September.

 

Signing up for MTD created a new return date of 7th of June. (For 6th of April to 30th of April)

 

I had no idea this new date had been created. No letter, no email nothing. By chance I logged in one day and saw my return was overdue and I had an estimated bill. I panicked and paid the estimated bill, even though I knew I wouldn't have any VAT to pay for the first return.

 

Quickbooks told me to allocate this payment in banking as VAT suspense. I did this however when I look at the VAT reports it's not showing up there.

 

Should it show up there? I don't really understand the VAT suspense.

Best answer by Rose-A

Hi, PDB77.

Welcome to the Community. I'd be glad to help and provide you with some information regarding paying and allocating VAT payments via QuickBooks Online.

 

If you paid the VAT overdue outside QuickBooks Online, you'll need to mark the VAT Return as Filed and record the payment in QuickBooks.

 

Here's how:

 

  1. Click Taxes in the left navigation menu.
  2. Choose the overdue VAT return and hit Prepare return.
  3. Click the drop-down arrow beside Submit to HMRC and hit Mark as filed.
  4. After that, click Record Payment.
  5. Enter the Payment amount and click Save.

     

     

     

     

 

Once done, you can pull up and look for this payment on the report. You may find this article helpful: Submit a VAT return in QuickBooks.

 

Also, when you activate VAT in QuickBooks Online, this will automatically create a default holding accounts. These are VAT control and VAT Suspense accounts. The VAT control account and suspense accounts are both liability accounts.

 

When you create a transaction and allocate a vat code, apart from No VAT, it will be allocated to the VAT control account. When you mark as filed/submit to HMRC the VAT period from within the Taxes section, the transaction in the VAT control account for that period will be moved to the VAT suspense account and then when you record a VAT payment, from within the Taxes section, for the period you have just filed the transaction will be moved from the suspense account to the bank account.

 

To know about VAT codes and making tax digital, check out these articles:

 

For account-related discussion, feel free to reach out to our QuickBooks Online Support.

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

Don't hesitate to drop a reply below if you still need help with paying VAT returns in QuickBooks. I'd love to help. Have a good one.

1 reply

Rose-A
Rose-AAnswer
September 3, 2019

Hi, PDB77.

Welcome to the Community. I'd be glad to help and provide you with some information regarding paying and allocating VAT payments via QuickBooks Online.

 

If you paid the VAT overdue outside QuickBooks Online, you'll need to mark the VAT Return as Filed and record the payment in QuickBooks.

 

Here's how:

 

  1. Click Taxes in the left navigation menu.
  2. Choose the overdue VAT return and hit Prepare return.
  3. Click the drop-down arrow beside Submit to HMRC and hit Mark as filed.
  4. After that, click Record Payment.
  5. Enter the Payment amount and click Save.

     

     

     

     

 

Once done, you can pull up and look for this payment on the report. You may find this article helpful: Submit a VAT return in QuickBooks.

 

Also, when you activate VAT in QuickBooks Online, this will automatically create a default holding accounts. These are VAT control and VAT Suspense accounts. The VAT control account and suspense accounts are both liability accounts.

 

When you create a transaction and allocate a vat code, apart from No VAT, it will be allocated to the VAT control account. When you mark as filed/submit to HMRC the VAT period from within the Taxes section, the transaction in the VAT control account for that period will be moved to the VAT suspense account and then when you record a VAT payment, from within the Taxes section, for the period you have just filed the transaction will be moved from the suspense account to the bank account.

 

To know about VAT codes and making tax digital, check out these articles:

 

For account-related discussion, feel free to reach out to our QuickBooks Online Support.

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

Don't hesitate to drop a reply below if you still need help with paying VAT returns in QuickBooks. I'd love to help. Have a good one.

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