VAT
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Good morning I have some filed tax returns that are stating 'record refund'. The refunds are already recorded back in the year of the return eg. 2014 and 2016. This is not affecting end of year accounts, but I would like to tidy the page up so these returns are showing correctly in the 'Paid Returns'. Any ideas ?
I have three transactions I need to enter in QuickBooks desktop version: 1: Invoice for cloud back up service from a US company for £120 2: Invoice for malware protection software downloads from France for £80 3 Payment received as commission from a French Company for other companies buying their software from my recommendation for £40 I understand that I have to include some form of VAT entry(ies) for HMRC purposes on some or all of the above, but I haven't come across any straightforward explanations or worked examples of what entries or appropriate VAT codes needed anywhere. Any help would be appreciated. RegardsMick
Hi there,How do you claim VAT on items bought prior to VAT registration?It states on HMRC website that you can claim up to 4 years worth but I don't know how I go about this on Quickbooks. Can anyone advise me on this matter please?Many thanks, Brad.
I am noticing that the estimated FRS VAT calculation in the Invoice section is consistently out for example:Estimated FRS Amount @ 16.5% on 18,702.90 £3,179.49 in today's calculation. This is actually 17%. It looks like a rounding of the 16.5% up to 17%. Apart from being incorrect (albeit it says estimated) I was unclear if this value is then used elsewhere and knocks out the P&L figures or anything else. Thanks
I operate a simple small business with a single bank account, which everything goes through. I use the bank feed as a to-do list, going through the "For review" to add all expenses. Hopefully this isn't a bad way of doing it.... I've had a few occasions where I purchased something however then changed my mind and had it refunded. So I see the payment then the refund come up on the For Review feed. From here I add the payment as an expense, then the refund as a deposit. I thought this was correct, however upon a recent VAT return, I noticed that the refund deposit was hitting Box 1 and Box 6, showing as income from a sale, which isn't correct.... In this instance the transaction was Zero rated so didn't have a material affect on the VAT return. However I think it looks strange as there is income in the Box 6 (Net value of sales) and not Box 1 (VAT on sales)....so it looks like I'm selling without VAT, which is not the case....
I have input the wrong figure on my vat return, how do I amend error before I summit. thanks
The payment has been matched in banking.
HI, I am trying to create a simple report over a period that shows all the transactions that have VAT and group them together with a total in one section (with a total) and all the transactions without any VAT (with a total). I am really struggling to know what one to choose- can anyone help? Thanks
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HiWe are based in the Republic of Ireland and are currently using Quickbooks Desktop Pro 2020.We occasionally purchase products from UK-based suppliers.Obviously, since the beginning of this year, we can no longer use the EU vat codes to account for the vat.How are any other Irish users managing this or does anyone know if Intuit plan to upgrade (or may have already done so) the product to include either new vat codes or the new boxes that will be available on the next Vat return to Revenue?
Do I need to create an invoice in shopify? To do this and how do I do it please?
We have just registered for VAT after trading for 2 years. I know that we can reclaim all historical VAT that has been paid on non-stock expenses, and we can reclaim the VAT for the inventory that we had on hand as of the date that we registered for VAT. I've seen a couple of threads on here on how to claim historic VAT but I have a couple of additional questions. 1) I have submitted a blank / nil value VAT return for the period preceding when my VAT registration goes live, I understand that I have to do this to be able to trigger exceptions for historical VAT. But, do I have to submit a blank VAT return for the last 2 years? Would the bills that are dated prior to the VAT period of the blank VAT return still get triggered as exceptions? If not then how do I include all of the last 2 years worth of non-stock bills in my first return? (I'm happy to go back and edit them as there's not actually that many to do) 2) What is the best way to calculate the VAT reclaim on the in
This is the case with more than one client and I have rang HMRC who have clarified there are no issues on their side
I think perhaps a glitch on the system since the reduced rate ended in March 2022. However, in cases where a hotel was booked and pre-paid but with a flexible option for cancellation up to the day of stay, the reduced vat rate still needs to be selectable in QB.I have just received a refund from a hotel that was booked and paid for during the reduced rate period and so only 12.5% vat was charged. The refund has been made after the reduced rate period has ended however the hotel company have understandably refunded the same vat rate that I paid at.Despite 12.5% TR being activated in 'Manage VAT Rates', it is for some inexplicable reason not in the drop down menu when selecting the VAT rate on a specific transaction in the banking window. A little bit infuriating if I'm honest!Please help!
Hi why has my vat period been reuced from 3 months to 2 months?Thanks Richard
My revenues appear correctly stated, but not my expenses. As a general note FRS VAT on QB is terribly handled!!!!!
looking to aligned assessed and actual value for VAT for 2020 and 2021.
My company make a payment on account to HMRC. This transaction was posted as expense to VAT suspense account, and reconciled.We then submitted the return, which was a lot higher. However the amount we then paid out of the bank was less as the payment on account was deducted. I recorded payment and matched it to the later amount. However it is still showing the payment on account amount as outstanding.Can I record payment against this without deleting the reconciled expense?Thank you
As title. I want to be able to enter a sales receipt with the tax entered as a fixed amount instead of a percentage.Then when I pay this tax onto the relevant govt body how would I classify it? I presume it cannot be shown as an expense?Thanks
