VAT
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Just purchased a new piece of machinery for the business and have taken out finance over 2 years on the machine. The first finance payment is all the VAT up front plus 10% deposit and a administration charge. After this initial payment it’s a set amount per month for the 48 monthly term. Machinery cost is £3630 plus VAT1st initial payment out is a 10% deposit £363 plus the full VAT of £726 and administrative charge £50then amount to borrow on finance is left £3267after this it’s 24 monthly payments at £142.54 at a flat rate of 2.36%A final OTP fee of £50Can anyone advise how to correctly record this first initial payment so I can claim back the whole VAT amount I have to pay on the next VAT return?then how to record the monthly finance payments correctly in QuickBooks
We use Google Ads for marketing, and the invoice is 0% VAT but has a 2% Digital Services Tax (DST) Fee. Do I need to allow for the DST as VAT, if so what VAT code do I use, or does is it classed as an expense, in which case how do I set up the correct category for it?
I've entered the same vat refund twice and used the wrong bank account. I would like to delete both and start again.
Hi I don't know if anyone has had the same problems as myself changing over from QB Self-Employed to QB Online.I needed to upgrade as I have gone VAT registered. Why QB SE can not work produce and work out VAT is beyond me but that is another discussion.I have now spent days with this issue and spoken to a number of QB 'experts' none of who know what to do. We exported my existing data (nearly 4 years worth) from QB SE and I was talked through the exporting the information into QB Online. A lot of the data did not go over correctly or in the right fields and all of my invoices were shown as not paid so I needed to go through each one individually which was time consuming but not the end of the world.However none of my receipts would transfer over because they were not .csv files, there a multiple receipts since I started with QB SE and I find it utterly bemusing that they can not be exported properly from one QB platform to another. I just keep being told they are on differen
Hi, I'm struggling to get VAT to show up as inclusive on my invoices. It looks right (inclusive) on the version I see on my Invoice page but the PDF version that is sent to customers has VAT as Exclusive. I've got VAT set as Inclusive in my main Account settings and on the Custom Form Styles content setting. Any ideas welcome, I feel like I must be missing something simple. Thanks
I have created VAT CTRL journals and now realise they aren't included in the VAT return. Is there a button to tick like sage to do this?Unfortunately I have 3 years to go back on for underpaid VAT. (Groan) They can just be 3 amounts/journals for the 3 years but I don't know how to do this.Help please..Lorraine
HiI'm setting up QB for our German entity and need a 19% Reverse charge VAT code for sales and purchases. I created one but it states the net amount on the invoice, which it shouldn't do. It should give the gross amount and just calculate in the background the 19% for tax reports. Can you please advice? thank you Andrea
The problem started when I moved to Quickbooks online from desktop.
Hi I am looking for advice. I am self employed with a turnover of 80K apx. With the SEIESS grants this pushes me over the 85K VAT threshold and would need to become VAT registered. As it is the SEISS Grants that push me over do I still need to become VAT registered? or would I remain as I am as the actual earnings without grants are lower than the 85K? Thanks
I'm new to QB and not an accountant. When I go to setup VAT, it doesn't let me select a start month for when to calculate. Should I have done something prior to this?
We have several invoices from Microsoft Ireland that have a VAT section that says 0% VAT - Reverse Charge. This is for digital software/services, Microsoft Azure. We are VAT registered in the UK. These are expenses, i.e. they are not services that we resell. Presumably we should use 20.0% RC SG VAT code in Quickbooks? What affect does this have on the VAT return, which boxes go up and down and by how much? Does it change the actual amount of VAT we owe? Over the year it seems that some of these have been entered with zero VAT, and some have been entered with standard 20% VAT with the inclusive price (NOT BY ME!!). Presumably this means we have to record an adjustment on our next VAT return.
I have put the overall sales figure, as opposed to VAT. How can this be chnaged?
Hi. I’ve just joined quick books and need to send some late VAT returns dating back to Nov 19. But I can’t seem to change the date on the VAT returns to manually send them with MTD. How do I do this? Thanks!
After the total mess I was left with for both my imported QBD businesses. Intuit tech have now corrected the issue with duplications within my VAT returns. Only issue is I've now been left with all my services having no VAT assigned. Is there a method to batch change the items/services as I have about 1000+ stock items.
My VAT returns are done on a cash basis. My screenshots show I have not received this amount into my bank during that period, I have not invoiced this amount, and even if I added up separate invoices for this customer I still can’t see where this ‘deposit’ has come from. I also can’t find anything to ‘undo’ in my transactions. This is an extra 5k VAT so I really need to get rid of it.
