VAT
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Could anyone tell me how to deal with Monthly postponed import VAT statementsI spoke to HMRC and they said I had to download the statements, which I have, then enter VAT amounts on box 1 and 4 so it cancels out - how do I enter the amounts , is it just as an adjustment on the return ?
Hi, I have a problem with my VAT return. I am using Quickbooks Online. The system is picking up both invoices and deposits, therefore doubling the total for Box 1 - VAT due on sales and other outputs.The system is duplicating income creating a huge over payment in VAT.How can this be rectified? do I just delete all deposits in the VAT return? Sam
I'm new to quickbooks and having trouble with receipts. So when I take a photo of a receipt for materials that I have brought, they already include VAT. When I then upload it, quickbooks then adds another 20% ontop, adding VAT onto a reciept that already includes VAT. How do I change this? Many thanks
Hello I devatted at the start of the pandemic but now I need to reregister for the Flat Rate Scheme from 1.9.21 at the 8.5 rate...I then noticed that I get the first year discount of 1% making the frs 7.5%. I've tried changing this in the edit vat dropdown but when I go back to the banking page and select 7.5% FRS it just says theres been an error. I've attached pic. What am a doing wrong?! Thanks anyone who can shed any light...
I am a newbie to QB and finding it all a bit daunting so please forgive my lack of knowledge!I have just registered for VAT. Accountant tells me I can reclaim VAT for work expenses going back 4 years. I have made a list of 21 items for this period and entered each one into an "Expense" on QB. How do I make the VAT part of these purchases go onto my first return (which isn't until Aug 22) Thank you. Df.
My discovery is that you must create a fresh Government Gateway ID, link this to the new VAT number for the VAT Group (VRN), then apply for MTD through this new Government Gateway ID (allowing a week for this to work.) In advance, however, 1) through the old Gov Gateway ID you need to login to your Busines Tax Account to 'stop using tax service' for all entities joining the VAT Group. Allow 48 hours for this to work. 2) in Quickbooks you will have to switched off the MTD in all VAT Group members as guided by Quickbooks. Be prepared to switch everything off for up to a week before you turn on the new VAT Number and new MTD link to Quickbooks.
Hello, I would be grateful for any help on this issue. I sold goods at a a "pop up" store. All incoming sales went through their till and I am receiving 100% of the sales. The money has basically sat in their bank - they have not made any profit from it (they charged me a separate fee for the use of the store on which I paid VAT) How do we account for VAT on sales. Do they receive a VAT invoice from me and they claim it back or do i issue a non VAT invoice but pay VAT on the sales from my end as normal. I don't want to pay VAT twice or not pay at all. Bit confused. Any help gratefully received. Thank you!
I have imported and invoice to QB which has both vatable and non vat items on it. How can I get QB to recognise the different rates?
BEFORE: VAT due on sales and other outputs Box 1: Amount - £1053 Exceptions - £804,60 Total amount - £1857,60 TRYING TO CORRECT Exceptions: Taxes >> VAT >> Prepare VAT return >> Adjust VAT >> Adjustment date 31/03/2022 Tax rate * ECPSZR 0% Tax line Box 1 Sales tax account VAT Control Adjustment account VAT Control 804.60 SAVE AFTER: VAT due on sales and other outputs Box 1: Amount - £1857.60 Exceptions - £804.60 Total amount - £2662.20
Hi all,I have delayed several VAT payments during the last year or so. I now have a payment plan in place with HMRC to reflect this. So I have several submitted returns within the VAT section of QBO (which have in reality effectively been paid due to the payment plan).In order to reflect this within Quickbooks, I thought I would "Record payment", and then select a suspense account to which I could then post the payments in line with the payment plan. However, it's not possible to specify an account within "Record payment" other than cash-in-hand types. I could create a new cash type account for this purpose but this feels improper! I'm wondering if there's a better way to go about this, or is this simply a limit of the VAT payment tracking features in QBO?Thanks for any help!
I run a small hairdressing salon in the UK, but am VAT registered and have a VAT submission due. I have just started using Quickbooks and have set up bank transactions, categories, suppliers etc but am unsure on how to set up invoicing/ recording sales. I use Fresha for our online booking system, invoicing and card payments alongside a barclaycard and also accept cash. I am unclear on the best way to use quickbooks to record sales and invoicing so that I can complete my VAT return using quickbooks and start managing my accounts
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Hi Team, We recently moved from QB Enterprise to QB Premier, and we would like to change the VAT quarter dates while filing to HMRC. Any suggestions on how to change the VAT quarter period in QuickBooks Premier? ThanksShaun
Hi, I'm having an utter mare trying to connect my WooCommerce store to Quickbooks. If anyone is willing to guide me out of this mess, I'd be eternally grateful! What I do:I am a YouTuber who generates income through various sources such as ad revenue, affiliate marketing, and donations among other things. However I also sell digital products (woodworking plans) from my website, and physical products that are either dropshipped, or dispatched from me directly. I am based in the UK and have customers all over the world, the majority of which are in the USA and UK. But I also have many customers scattered throughout Europe. My Problem:In one word, Brexit. I have linked my PayPal account with Quickbooks so that I can assign VAT rates to each individual transaction, rather than grouping all transactions into a lump sum to be deposited into my main checking account at the end of the month. The latter of which would obviously create reporting issues.The issue I am facing
I was unable to submit a normal VAT Return via QuickBooks due to various errors. I have other software to file VAT Returns via MTD. However, now I am trying to mark the VAT Return as Submitted within QB and keep hitting a brick wall! This means that when the time comes I will not be able to generate the next VAT Return!
I have had quite a disaster with Quickbooks online with regards to the VAT reports. Quickbooks is taking the invoiced figures as an income, also deposits for the same invoices, therefore doubling income, and also listing what should be expenses as incomes, even though all those expenses are listed as 'expenses', Therefore the VAT due on sales is completely wrong, as is the VAT to be reclaimed on purchases.Not only that, I hired a bookkeeper to help get things in order, and all she did was void off loads of invoices which again, make the whole VAT figures incorrect.Should I just wipe the whole system clean and start fresh? Then Quickbooks can download all the information directly from the bank account, as surely that is a definite correct base to work from? How far back will Quickbooks draw information from the bank?
I sell goods from England to France and Germany and use the code ECG (0%) however it is recording the balance in box 8 on the report, Box 8 states thats this Total value of dispatches of goods and related costs (excluding VAT) from Northern Ireland to EU Member States), am sure this isnt correct ? 1. Am i using the correct code (ECG 0%)2. Why does the box state Northern Ireland
i have no idea really what i am doing and near deadline on the 7th june?
i am preparing my tax return and the amount of vat showing on qb vat return for the amount i owe is not the same as the amount collected on sales even though qb invoices calculate the vat on invoices. the vat return has taken the total sales and divided it by 5 for vat due but shouldn't this be divided by 6, as it shows i am owe £2000 more on vat than i do. can anybody help?
eg VAT period Apr-Jun. Inv 1st July, paid on 30th June so payment does not come up on apr-jun vat return even though VAT cash accounting selected. Customer paying monthly to spread the cost over a year for an annual invoice, if payment put to payee and debtor it does not come up on vat cash accounting unless raise and match an invoice for those payments. This then means errors in the VAT return unless manually check amounts received are all in VAT return. Any suggestions on how better to process these so they don't get missed off the VAT return?
