VAT
Recently active
Original commenter did not share additional details
Hi All, Hope someone can help, I deleted Bill from filled VAT period... I know very big mistake, although I was always though not to. Now I am preparing next period to file for VAT with HMRC and that deleted value appears under report as credit for total purchases. Transaction was added under reverse charge VAT, so it does not affect final VAT value due. However, I can not view it as it is deleted. Looking at balances on other accounts everything seems to be ok, means the transaction value is not under supplier a/c, etc.I spoke to my accountant, but not sure if he looked properly, as he told me to add credit under supplier a/c under that filled period. I did so and now have two credit values under my current VAT report for purchases and supplier credit outstanding under suppler a/c. I do not think that is correct.1. Should I delete created Supplier credit transaction? Will system also remove it from current exception list?2. What shall I do about situation of originally
I have asked this question to the VAT specialist and I received the answer below which conflicts with QB guidelines. Please see below;’You raise a very valid query and guidance is very conflicting of this point. HMRC's own guidance does not refer to the value of purchases from non-VAT registered suppliers needing to be excluded from the Box 7 total so I would indeed agree that these supplies should be included.
Hi community, I'm trying to set a daily (actually monthly, but it's the same) sales receipt, with cash, credit card sales and so on.Now, my problem is that I have my sales charged with 7.7% VAT (I work in Switzerland), so I've set the receipt as tax inclusive, but in this way the system asks me to put a tax rate also for the other items, such as sales payment and credit card payments, and it's obviously nonsense.I've tried to select out of scope of tax and insert the VAT as a separate product/service but it's not possible because VAT payble is an account of liabilities and they're not accepted as products or services...I've also tried to add NO VAT as a new account of taxes but I don't know how to do it, when editing my taxes it shows me only VAT 7.7% and VAT 2.5%... Any suggestions? Thank you
Hi, could someone clarify for me. if I correct the VAt code for a transaction in a reporting period where the VAT return has already been filed, this will show up in the current reporting periods VAT exception report BUT is the corrected error amount reported in the current periods VAT return as well or will a manual adjustment need to be made in box 1 or box 4 for example in quarter 1 VAT submission the following sales transaction was made. 100 sale O% VATVAT return filed Subsequently this transaction was corrected to 100 sales 20 VAT owed will the £20 owed to HRmC be automatically reflected in the return so no further adjustments are required. If so, can this method be used to correct any prior mistakes with VAT reporting for transaction where the VAT has already been filed? Thanks
I've tried a number of filter transaction types/dates with a number of options but still no luck
Hi - hopefully this is in the correct topic. We are trying to submit a VAT Return and we had to renew are connection with HMRC - unfortunately we entered the wrong details and looks like we may be locked out as when we click on VAT, it says "We can't connect to HMRC right now" and then I click on "Take Action" it says the following: 1 - Have you signed up for Making Tax Digital for VAT2 - Did yoiu get an email from HMRC to confirm you signed up?3 - Does your VAT number in QuickBooks match HMRC records? The answer is yes to all 3 but we still can't submit a VAT Return? Any suggestions? Many thanks,
Variations of this question have been asked before but I've only seen incorrect responses so please bear with. My situation: I am leasing a car through my business, I have received an invoice for: Initial rental of: £3646.86 + VAT @ 20%: £729.37 For a total of: £4376.23 I have been charged and will pay the VAT of 20% but, as the car is available for some private use, I can only reclaim half of the VAT when I submit my VAT return (referred to in some places as a '50% VAT restriction'). How can I set up my QB entries so that the expense entry captures the full amount paid to the lease company (£4,376.23) but when I submit my VAT return, only half of the VAT paid is claimed back (£364.69 instead of £729.37)? I've seen 'solutions' where the lease payment is split in two, with VAT @ 20% charged on one half and VAT @ 0% charged on the other half. This doesn't work as the invoice total doesn't marry up. I'm sure this must be a common issue, I
have looked at some of the answers for the above, but am unable to adjust the VAT amount as suggested in one of the repiies. As a result, I am at a loss how to record the VAT element of the repair to be able to claim the vat back.I look forward to your very helpful replies.Kind regardsRebecca
When I create an expense journal, I use the VAT inclusive figure but the journal automatically assumes it is exclusive and adds VAT on top. I corrected this and calculated the exclusive figure to use, but the transaction report did not pick up the total (plus VAT) figure, just the net figure. It looks like this might be a QB system issue. Can someone please help?
My client is on an annual scheme and late on their filing. The vat periods are Jan - Dec, however they need to submit a first vat return for 14 Oct - 31 Dec 2022, and then Jan - Dec 23.Quickbooks is only giving me the Jan - Dec 23 date. How do I prepare the vat return for the period Oct-Dec 2022? If i change the date in settings to start from Oct, it naturally assumes Oct 23 and then says that this does not agree to HMRC. It does agree when I select January, and the open return is Jan-Dec 23 BUT when i log into their HMRC vat account, it says we need to submit a return for 14/10/22 - 31/12/22.Can somebody please help!!??? Many thanks
Hi all,I need your help. My company supplies services to EU countries and is also registered with the OSS Scheme. I made new tax codes in regard to the OSS VAT, for example, the OSS Italy VAT. Unfortunately, I recognised that everything is included in my UK return. My first question is how to exclude them, and the second one is how to adjust the return that has not been submitted. I do appreciate any help. TIA.
I have accidentally entered a customer payment twice and its in the previous vat quarter that has been filed. How do I remove the overpayment on quickbooks and account for the vat element in the previous filed vat 100
I realise you can do this on the desktop version, but I'm mobile based and hardly ever use my laptop.
I am registered for FRS VAT. I need to enter a single standard rated income transaction (20%) so that box 1 of VAT Return Form 100 includes the full 20% and box 6 includes the net value of the transaction. I'd be very happy to learn how to achieve this?
What is the problem when loading on purchase invoice I get notice date and vat rates do not go together
What VAT code do i use for purchases from outside the UK
