VAT
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As a sole trader without a business vehicle, I need to use my own car for business purposes. I am using the following steps to record journal entries for each trip I make for my business. In this example say I have travelled 100 miles for the business:Add two lines with the same account category (motor expense)Enter the descriptions as “Mileage-fuel element” and “Mileage-non fuel element”Put the fuel element amount in the first line – 14p x 100 = (based on HMRC guidelines)Put the non-fuel element amount in the second line – (45p – 14p) x 100 = £31 (using HMRC guidelines)Use the Owner Contributions as the payment account for the full amount of £44The above seems to work but I need to add the VAT reclaimable amount on the fuel element that HMRC allows. Do I need to split the £14 into two entries in the journal one for the fuel element before VAT (11.7p) and one for the VAT on £14 (2.3p)? If I do 10,000 miles for business it will add up to a sizeable input VAT so I ne
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QuickBooks automatically ran and submitted a report from a date which predated the information I started inputting and I haven't been able to submit a report since.
I am an agent, The client has had many years of returns made without issue. Can anyone help please.
Hi, my company isn't VAT registered, I was told while chatting with QB online support that if there aren't any tax rates (I'm not able to "Setup vat", obviously I don't have vat number), then customer's Tax identifier number will not be shown on my sales invoices. Even if I'm not vat registered, customer's TIN is quite important, especially for my foreign customers. How can I display customer's TIN on invoice if I don't have any tax rates? Customer's TIN field should be displayed on sales invoices independently of VAT registration!
I am trying to set up VAT on QB however I am unable to enter a date into the "when do you need to start calculating VAT from" box. It is not selectable, clicking on it does not allow me to input a date... Are there any other settings or options I need to enter somewhere?
In quickbooks online, I am trying to do a group VAT return for my two companies together. I am using the "submit with a spreadsheet" tool, but I need help with preparing the spreadsheet. I am unsure if I should include only the VAT values of the second company in the spreadsheet, or if I should add the two companies together in the spreadsheet. Please help!
I have been using quick books for two years, pre VAT registration. I then registered for VAT and need to start account for it from Feb 2023 however, HMRC has only just issued my VAT number so I am only now in a position to set up on Quick books. Is there any way to adjust the invoices I've already entered in to QB since FEB to show VAT or will my first VAT return have to be a whole manual adjustment? Any advice greatly appreciated.
Can QB generate a report showing outstanding VAT on debtors? We are on cash basis for VAT. I need the report that will show the VAT for the unpaid amount?
QuickBooks Online lacks the functionality to use HMRC's published exchange rates. Given the notable difference between QuickBooks' rates and HMRC's rates: QuickBooks Rate: $1 = £0.80096HMRC Rate: $1 = £0.791703 Is there an app available to automate the updating of exchange rates?
I posted a refund of VAT to the bank account for the last return in the normal way. However, I accidentally put the wrong date on the transaction. The system now won't let me edit or delete the transaction from the bank register. Is there any way I can correct this? The amount is correct but the date of receipt is wrong.
QBO will not allow me to enter the date that payment was taken for last quarter of VAT. Is there a problem with the system?
Hi AllMy estimate only display the vat code in the vat column.How do i get it to display the monetary value of the vat.ThanksKeith
ive submitted last quarters VAT return but have just realised it ended at 31st august and i have only done the bank transactions till around the 20th august, i have since done the transactions , will they be put onto the next quarter (1st sept onwards) automatically or have i lost some vat? thanks
Hi team,Very frustrated by this, and I'll admit I am naive on this one!I've just got QuickBooks for MTD.I am entering our figures and accidentally hit a wrong amount. I want to start the return again, but I cannot for the life of me find out how to do that, nor can I see how to do that on here? It must be so simple and I must be really missing something obvious. It's unfied, so it hasn't been submitting yet. Can I not just start again rather than do adjustments?If I HAVE to do adjustments, how do I decrease the number?!It feels like it should be so very easy but I'm banging my head against the wall!Thank you.
On the paperwork the vat is £7500 can I claim that full amount straight back or is it a case of claiming 20% on the deposit and monthly payments?
As a Zero rated business I only get VAT refunds from my monthly VAT returns. I was late posting my February VAT return (posted in March). I received a refund as expected but it included a 19p interest payment. How do I record this interest payment so the period clears on the VAT page of Quickbooks online?
I am on the flat rate scheme and having continual issues with Quickbooks calculating my VAT due on the net amount whereas it should be the gross amount. I have had emails saying that this has been fixed but it has not. I spent a frustrating session of over an hour on the chat with an agent who rather rudely insisted that I did not understand the flat rate scheme. Any ideas?
HiLooking for some help with QB online, it's for a non-profit organisation in the UK We are able to claim our VAT back at any time within 5 years, Also, we don’t charge vat ( yep that’s correct for our type of charity) I’m having the accounts independently examined, the guy says I need to get the NET INCOME/(EXPENDITURE) to match the NET OTHER INCOMETotal Other Income £13,247.32NET OTHER INCOME £13,247.32NET INCOME/(EXPENDITURE) £14,351.05 The reason it's out is because we need to claim back VAT then they would match How can I make this amendment, the Bank & Quickbooks do match. Thanks
