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M
mstarkey1
April 19, 2021
Question

How to record and pay HMRC postopned import VAT with MTD?

  • April 19, 2021
  • 1 reply
  • 0 views

Hi,

I have my Postponed Import VAT statement from HMRC and need to include the amount due in my Q1 2021 VAT figures. Does anyone know how to record it so the amount appears on the submission as anything I found so far does not actually add this to the VAT records? We are on Flat Rate VAT so the Import VAT is payable.

Many thanks in advance. Monika

1 reply

Rubielyn_J
Rubielyn_J
April 19, 2021

I can guide you on how to record and pay HMRC postponed import VAT in QuickBooks, @mstarkey1.

 

If you earned tax credit, discount, or fine, you can adjust the VAT you owe. This way you can seamlessly make corrections when it’s time to file.

 

To start, set up an account for VAT adjustment. Then, add an adjustment. Let me show you how:

 

  1. Go Taxes from the Navigation bar, and then select the VAT tab.
  2. Find the tax period you need to adjust, and then choose View return.
  3. Click Add an adjustment.
  4. Choose the Reason for the adjustment.
  5. Select the Account for adjusting VAT.
  •    Choose an expense account if you need to increase the tax due.
  •    Choose an income account if you need to decrease the tax due.

   6.Enter the Adjustment amount and then click Add.

 

I'm also adding these resources to guide you manage VAT in QuickBooks Online:

 

 

Keep me posted if you have other VAT concerns with QuickBooks. I'll make sure to answer them for you. Have a wonderful day.

M
mstarkey1Author
April 22, 2021

Many thanks for the response and suggestion, very much appreciated. Unfortunately, I do not seem to have the option to adjust the returns that are already submitted, which might be due to the fact we are using Flat Rate Scheme. I will see if I can do this when I submit the next return. Thanks again and best regards.

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