VAT
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Hi all, This is my first post here, so if I make an error of etiquette, please bear with me. Here is my problem: I ordered parts from China via AliExpress. I paid the requested amount, which covered the products and the shipping. So far so good. As expected I then received an invoice from FedEx for import duty and (here’s the issue) the VAT. So, I have an invoice for £57.85 from FedEx of which £41.35 is VAT. I tried to post the £41.35 directly into the VAT Control account but probably not surprisingly the system said, “No” … I considered adding the £57.85 to the original invoice from AliExpress but that feels wrong because I have an invoice from FedEx. All and any (helpful) thoughts would be much appreciated. Thanks
TIA,What is the best plan for a limited company that is VAT exempt? I cannot find any information on this and the live chat is basically usueless... I assume there are many others in my situation so if anyone can help I would appreciate it very much.
I am about to change our VAT accounting from Cash to Accrual. I thought that by changing the setting from cash to accrual would pick up all transactions which haven't been marked as filed on a return. However this does not appear to be the case. Is there a report in QBO which shows all the transaction which have not appeared on a return - I would like to justify the VAT balance in the VAT control account? In turn this will help check that what I am filing on
Hi,I seem to have accidently changed the VAT rate for an income entry in 05/07/2021 the other day when I was on a differnent VAT rate as I didn't set the range correctly when sorting.It now won't let me change it back as it says it was filed. I don't believe it was as I only started filing my VAT from August 2021 in QB.It now brings this up as an exception my current VAT quarter for May2022 to July 2022. Just a bit puzzled by these events. Why would it let me change it if it was already filed then not let me change back?Shall I just submit it anyway and ignore it as its only a £70 entry (£7.80 in VAT)? Or should I try adjust it and take off?Many thanks,
We were late submitting a VAT return due to an action message preventing us from filing a return on time.HMRC gave us an estimated VAT bill to pay which we did.We have now solved the issue in Quickbooks and the VAT return is now ready submitting.The estimated figure we paid is lower than the correct amount to pay in Quickbooks.We do not want to submit the Quickbooks return without removing the amount we have already paid HMRC.How do we proceed.
Hi, one of our clients is making sales exports outside of the UK & EU, so the VAT treatment is outside the scope and so No VAT but I still want the sales to pull through to box 6 on the VAT reports. Is there any way to create a VAT code that just pulls the sale through to box 6 without pulling the sale through to box 1 or 2 as well? or will this have to be shown through adjustments on the VAT return? I have tried creating a custom VAT code but this will add VAT of 0.00 to box 1 or 2 as well as the net going to box 6. Thanks
This is the first return I'll do with the MTD scheme. I figured it would be as simple as an HMRC return, but obviously not. Do I now need to go in input all my clients and create backdated invoices to them, so I can then mark them as being paid, and thus all the figures will start to appear on my VAT return? And then there's the VAT I'm claiming - do ALL those receipts have to be inputted one by one into Quickbooks?? Thanks!
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HiWe have purchased a van on hire purchase prior to becoming VAT registered, which is our understanding we can claim the vat back on despite it being before registration. There was no money exchanged for vehicle as our old van was used as a deposit. So I have entered the expense into quickbooks, with vat inclusive, but this has massively unbalanced the bank balance with quick books balanceHelp! New to this!
I have received a refund from HMRC for corporation tax by cheque, how do I record this in quickbooks please?
Hi all I submitted two VAT returns at the same time, one for a payment of VAT and a second (larger) one for a claim of VAT back. Instead of making two separate payments, HMRC simply transferred the balance back into my account. I now have a single payment with a random value that doesn't match either return, and cant see a sensible way to reconcile the bank with the two tax amounts. Can I link that bank payment with two separate VAT amounts on the banking screen? Or can I somehow combine them on the tax page to get the balance and then match that up with the bank payment? If anyone has any ideas how to tally this up it's be much appreciated. Kev
Hi All,We've been using Quickbooks for a while and are still getting used to it. Last year we sold at a local market and to cover the sales we created a single invoice which we thought was the total sales. However when we came to tally up we found we had a £60 short fall of payments vs the invoice amount. Due to our in experience we only noticed this recently. Our question revolves around our VAT statement. We have declared our VAT accounts for the qtrs between the market sale and now. If we now believe the sales where actually £60 less than our self created invoice how should we now deal with it and still be VAT compliant?Can we just reduce the invoice? Should we just close the invoice £60 short and if so how? Any other suggestions?thanks in advance
hi Ive submitted numerous Vat returns correctly via QB but my VAT page is now saying "we can't connect to HMRC right now". Ive disconnected and reconnected/reauthorised HMRC and QB is saying HMRC connection is enabled. However I'm unable to submit latest return which is now due as QB can't connect to HMRC and QB saying take action. What am I supposed to do????
Hi, Is there a way to display the VAT amount on an invoice when applying the VAT reverse charge to line items? It would be good to see the amount of VAT companies I work for have to pay even though it isn't included in the total that they will pay me. Thanks in advance
I have used the exempt VAT code for a relevant insurance transaction and for an exchange gain/loss entry, these transactions are appearing on my VAT return for purchases. Is this correct, or should I use the no VAT code for these transactions?
I've just started using Quickbooks and need to submit my first VAT 100 return. Not much has gone on in the account, but I've paid in some funds as initial owner's equity. I've set up myself as a supplier and an Owner's Equity account to categorise the payments. These payments are unexpectedly showing up in the VAT 100 under 'Box 6 Net value of sales'. They're not sales. I know bookkeeping is deliberately difficult to understand, but should owner's equity show up on the VAT 100 return? If not, do I have to manually remove it or re-categorise it in Quickbooks?
Hi, I'm sure it's nothing that I've done, but when I open the detailed VAT report, instead of box 1 (vat due on sales and other outputs) being at the top of the report, it starts with box 6 (net value of sales), working it's way backwards, with box 1 at the bottom. I just can't work out how to set it so that it starts with box 1, like before. Does anyone have any solutions please? Maybe this is happening to everyone right now? Many thanks.
Hi all I'm trying to account for this: in QBO https://www.gov.uk/vat-on-services-from-abroad We're partially exempt as we're grant funded but can claim the VAT back from the funder (rather than HMRC) as an incurred expense (this is what we do when we're charge UK VAT) so what I need to do is1) Add in the 20% VAT charge of these invoices to box 1 of my VAT return 2) "Charge" this VAT amount to the relevant expense nominal code as we can't claim it back via HMRC but can claim it back from our funder. I've just confirmed with our accountant that this is what I need to do so the process above is not in question. I just need to know HOW to do it in quickbooks online. Ideally I'd like to be able to adjust this via a journal but am struggling to do so that it hits Box 1 of my VAT return. Thank you!
NOT adding my vat details to MY invoices. I spent over an hour to customer service, and as usual, they were useless. Just cut and pasted irrelevant information about adding my vat info to the invoices I send to my customers.
hi cant get my head around no vat / exempt /0% ??? if for example i brought books from a non vat registered place is that 0% vat or vat exempt ? any help greatly appriciated
