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gressgardens
March 19, 2019
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How do I log a payment made to HMRC for a VAT Return filed outside of Quickbooks?

  • March 19, 2019
  • 1 reply
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Hi, I am new to QB, whilst trying to reconcile my bank statement, I have come across a payment to HMRC for my 12/18 VAT return.  I have only just registered, with the start of my accounting period being January, so this payment is outside of QB.  There is no VAT return to match it against.  How should I log it please?  Thank you very much.

Best answer by TaliaI

I'm still confused, just to clarify, I submitted a VAT return for Oct, Nov, Dec 2018 using Gov Gateway as I was not using QBO at this time.  I have since signed up for QBO with my starting date as 1st January 2019.  The actual payment for the 12/18 VAT return was made in January.  I am still confused as to why this should show as an expense, because of this, my P & L report shows I'm making a loss not a profit!


Hello,

 

The only way to record this, as it is for a period prior to using QuickBooks, is as an expense. Paying your VAT bill is an expense to your company, and would be treated as such, however without the filing within QuickBooks, it cannot be associated with a liability amount. If you are still unsure about this, we would advise to speak to an accountant who can advise you how they would like you to record this.

 

Thanks,

 

Talia

1 reply

M
MirriamM
March 19, 2019

Welcome to the Intuit Community, gressgardens,

 

Thanks for choosing QuickBooks Online.

 

To record the payment you've made to HMRC for the VAT Return filed outside of QuickBooks, you can create an Expense transaction under Expense account.

 

To create an Expense account, here's what you'll need to do:

  1. Go to Accounting from the left navigation menu.
  2. Click New button at the upper right hand.
  3. Choose Expenses for the Account Type, then select Taxes Paid for the Detail Type.
  4. Enter a Name for this account, and click Save and Close.

To create an Expense account, here's what you'll need to do:

  1. Click the Plus (+) icon at the top.
  2. Click Expenses.
  3. Enter the necessary information.
  4. In the Category details section, choose Taxes Paid account for the Category, Description, Amount, then select No VAT for the VAT column.
  5. Click Save and close.

That's it! If there's anything else you need help with in recording transactions, please let me know. I'd be happy to assist. Have a great day!

    G
    gressgardensAuthor
    March 21, 2019

    Fantastic!  Thanks for your help.

    G
    gressgardensAuthor
    March 28, 2019

    Hi, just double checking as to whether this should in fact be an expense?  I'm no expert but was always under the impression that Taxes are not an expense, please could you update me.  Thanks

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