VAT
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my client does not show up
How do I correct this in quickbooks and with HMRC?
I would just like to know which is the correct way to invoice when you use the flat rate scheme
Hi There, I could do with a bit of help, so thank you for listening. I had a bad breakdown and serious illness last year, various personal and family reasons - but during that period I manage to keep the business afloat and am much better now.I've just realised that despite me submitting my VAT Returns on time, I've missed some invoices off over a year period (from March 2023). I'm massively panicking now as the VAT value is around £50k. I'm totally prepared and able to pay that VAT due, but do I just uploaded them all onto Quickbooks with the correct dates etc for the next VAT return, and the system will include the old ones and then I can submit, or do i need to go direct to the HMRC? As I say, I'm prepared and able to make the payment and surcharge but because of the massive wallop that breakdown has had on my mental health, i'm an anxious mess at the moment and worried about what might happen.Shall I just upload and wait for the return and pay, or is there something
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Hi, Help, I made a whoopsie. Recorded the following import VAT: Box 1 Adjustment £25,466.82ECPSZR 0% when we should have used PVA Import -0% Box 4 Adjustment £25,466.82ECZP 0% when we should have used PVA Import 0% The returns were calculated correctly (i.e. both amounts cancelled each other out for return purposes) but it has resulted in a balance of £50,933.64 from these incorrect entries on the Suspense Account. This is now showing on our balance sheet as a negative balance under cash. How can we clear this balance?TIA,Steven
The Ltd Company does not exceed the £85000 threshold but I do offer services through the UK
Hi,I have just submitted my first VAT submission for the period 1st Jan to 31st Jan 2024. I wanted to include costs from prior to VAT registration.Following other posts on the topic, I entered the pre-registration amount as a VAT adjustment into Box 4 on the return, and noted the amount of relevant sales in Box 7.This has been submitted ok.However, I now have issues with my trial balance.The VAT control account is showing the adjustment amount twice - once from the original invoices which were input and dated prior to 1st January, and again from the adjustment I posted.And also, my bank account is now wrong by the amount of the adjustment.I also have an amount in VAT suspense, which is the amount on the return. So 3 questions:1. I assume when I receive the refund from HMRC I will offset the amount in suspense, clearing this.2. How do I clear the duplicated entries in the VAT control account, should I change the invoices pre 1st Jan 2024 to remove VAT as they were done on the adjustment
HMRC take action what do I do ?
HelloI am using quickbooks and submitting a VAT return for the first time without my accountant as I do most of the work anyway.Can anybody please help; the only box I am unsure of is Box 7. Within this I have the net value of any purchases where I am claiming back VAT which is fine. But what else do I add into that box? Should I be listing all purchases whether they have VAT or not? It's only small amounts to be honest like working lunch, photocopying etc. do these get included even though I'm not claiming any VAT? Does anybody know if I include bank charges within this?Thanks so much
I purchase goods in GBP and sell in YEN in Japan. The price includes consumption tax (no VAT in Japan) but customers may need to pay import consumption tax when receive the product. (Depends on the price) VAT for sales amount in Sales category needs to input VAT rate of the country sell to? If so, it will be consumption tax rate 10%? Or 20% as purchase VAT? Or no VAT?
Hi Everyone, I wasn't able to find any thread that neatly explains the best way to enter a Duty/VAT/Deferment Processing Fee Invoice onto QBO. I scratched my head for a few minutes and came up with this:It seems to work correctly but before I enter all of my FedEx/TNT invoices like this can anyone see any issues? Thanks Nick
For VAT return, Where should I input Supplier's VAT code in expenses category ? or should I input deposit (sales) category?
I cannot seem to connect to HMRC to submit my VAT return. I have recently changed accountants and connect seem to connect to HMRC. The accounts solution is change to other accounting software, so I am having to sort this out myself! The message I get is :------------------------We can't connect to HMRCThis could be because you recently:signed up for a Making Tax Digital account with HMRCsubmitted a VAT return to HMRCIf so, hold tight. HMRC should restore the connection within 72 hours. Has it been longer than 72 hours? Then contact HMRC.------------------------ I think I have disconnected QBO from HMRC but this is the message when I try to reconnect (via the government gateway. Unfortunately, I have to submit the VAT return on 7 Mar. My accountants have said they can get everything into another accounting package very quickly but I am not sure this will actually solve the problem! Any help will be appreciated. Thanks
Hi there,We sell digital products to individuals in the EU and elsewhere in the world. I understand how to record VAT for the UK VAT return, but is there a way to record sales to other countries where VAT has been charged? If so, how should this be done within Quickbooks so that it doesn't get confused with UK VAT? Thanks
HiWe are currently undergoing a HMRC VAT audit.We are due back from VAT £10885 and we really, really need that money - like yesterday.We have been VAT registered since 2015 and always have VAT repayment. Anyway, the compliance officer asked for a VAT Audit report, which was very easy to access and I sent it to her. However. . . . . This does not match the VAT I filed.Please does anyone know how I can download a transaction by transaction list of the actual VAT that I filed so that I can compare and see what has been changed?I have been on 'View report' and it gives me a summary NOT transaction details like I need.I do recall that our new office person had duplicated about 3 expenses and had assed them as bills also, so I have rough idea what I am trying to find. please help. Marie
Even doing it in reverse with tax exclusive comes out with the wrong amount?
Hi ,I have been reading about post Brexit changes for hours and I seem to keep reading conflicting information. Can I ask your advice please?SalesWe are UK Vat registered and sell services to Germany. We did invoice at 0.0 % E.C.S and state reverse charge should be applied. This seems to be no longer correct? Should it now be 'No Vat' in QB with no 'reverse charge' comment on the invoice - PurchasesWe buy services from EU suppliers - Reverse charging still seems to apply ? 20.0% E.C.S. We pass the service on to UK clients and also non EU clients . Is that relevant for place of supply and whether I should be using 20.0% E.C.S, or No Vat?We also buy services from non EU Suppliers - I read today that reverse charging should have been applied - I had no clue. I took over suppliers in QB which were mostly set up as 'no VAT' - would that be due to place of supply as we pass on the service to non EU?
I am on the taxes page. There is no Set Reminders
