VAT
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Hi I completed an refund receipt. The original invoice was £150 - 20% CIS + 20% VAT so total of £150.When I try to get the amount correct of £150 the VAT is Calculated at £25 making my VAT return incorrect.To get the correct amount of VAT of £30 I have to enter the rate of £180 but this makes the total refunded incorrect. Does anybody know how to rectify this please?
I am completely confused about how to record import tax. I have spoke with Quickbooks but on doing what I was told, the VAT I am owed for that month is still the same! I had goods delivered from the EU. I had to pay separately the Import Tax. As an example, I have one bill from UPS. The total amount and what is showing on my bank transactions is £181.87. Of this 170.38 is import tax. I can't add this transaction as this invoice is mainly VAT (rather than 20%). How do I record this transaction? Or how do I change the VAT percentage to reflect what I paid. I can't seem to find any guides on this.
I have a large balance in my VAT Control Account that I'm trying to reconcile. The issue comes from various filings done previously in Sage where "Tax Control Account" and "VAT Liability Account" both map to VAT Control in QB. Because I've been using VAT control and VAT_Suspense to manage filings automatically now in QB, I am creating journal entries for past Sage filings where the payments were not received correctly. However, when I Credit VAT Control for a reclaim (say for £761), this increases the Balance which is actually increasing the liability by 761, and not decreasing it. So for every reclaim, the VAT Control liability goes up. The alternative is to debit VAT control for a reclaim which decreases the VAT control balance correctly, but in turn VAT_Suspense increases in balance to exactly the same value as the repayment from the bank account. So I either end up with double the value in VAT control or in VAT suspense. It's almost as if the s
I'm trying to get to understand why my imported VAT differs from the QBD version. Why is QBO adding unpaid invoice and unpaid purchases to the VAT report? I have VAT set to standard and accounting set to Cash?
No standard rated VAT codes are being picked up in any of the VAT boxes, but the transaction journal does show the amounts being debited to the VAT control account. I have checked that the standard rated code is turned on and I have removed and entered new transactions, but no change. Has anyone else experienced this and does anyone know how to fix this?
I need help with booking a postponed VAT report from HMRC in QBO UK set up for MTD. I am in the U.S. Our U.S. parent office shipped some things to the UK office via DHL and some VAT was charged postponed. The proforma invoice and value declaration were in USD and no VAT included since from the U.S. No actual invoice or payment will occur since it's inter-company. I understand about the VAT code and making PVAT active. But how do I book an invoice that was in USD with no VAT to show the actual VAT being charged so it shows up on the VAT return done by QBO. I appreciate any step by step help. I am an American, so bear with me!
Problem with entering VAT code on Bill?
I am having Two problems. 1. I am on the FRS. When i enter an expense (RC SG) it adds 0 to box 1 but adds the amount to box 4. Therefore reducing my total VAT due. This seems incorrect as it should cancel each other out? If i go on the expense specifically it states Memo Subtotal £38.88 VAT @ 20% on 38.88 7.78 VAT @ -20% on 38.88 -7.78 Total £38.88 This seems to be right on the expense line but not on the VAT return? 2. Box 7 (Net value of purchases) is showing 0. This is despite there being many expenses and purchases. Is this correct?
Hi all. I’ve been trying to submit Kate VAT returns on my account dating back to early 2020. I’ve turned off MTD on my account, submitted the returns and turned MTD back on but the returns aren’t showing on my hmrc account. can anyone help with this?
I have been paying monthly but not using since 2020 but I want to clear everything and start my new year thx
Hello, I am looking to find out how I account for import VAT paid on supplies (stock) imported from Denmark on our return as a FRS registered business.Following the advice here - https://www.gov.uk/guidance/complete-your-vat-return-to-account-for-import-vat it states: Flat Rate Scheme for small businessesIf you’re using the Flat Rate Scheme for small businesses and are accounting for import VAT on your VAT Return, for VAT Return periods starting before 1 June 2022, you must add the value of the imported goods to the total of all your supplies, before you do the scheme calculation. But I am not too sure what box to add this to on our VAT return. I terms of the mechanics I can see that our import VAT statement is available for February here as we are registered for postponed import VAT - https://www.tax.service.gov.uk/customs/documents/postponed-vat and I just need to somehow declare and pay it. The fast courier used (DHL) have already invoiced us for duty
If your business is VAT registered, you’ll need to activate your VAT module in QuickBooks. This is an important step to make sure that VAT is ready for use when you’re creating your invoices. If you are bringing over your existing spreadsheets to QuickBooks, you need to make sure VAT is activated before importing your excel spreadsheets. Below are the steps to set up your VAT in QuickBooks. Select Taxes on the left hand menu, this takes you to the VAT page. Press the Set Up VAT button to activate VAT. On the Set Up page, fill in the following fields to complete the process. Start of current VAT period Filing frequency - the frequency you submit your VAT return. VAT accounting scheme - this determines which transactions are added to each VAT period: Standard: You pay VAT as of the invoice date Cash: You pay VAT after your customers pay you VAT registration number Other tax options: Flat Rate Scheme. Only choose this scheme if you're register
Hi All can you please advise me how can I add VAT amount in each line in the sales invoice as per UAE FTA Article 59, full tax invoices are to be issued - line items have to show the tax value and net value.I'm using QB online. Thank you so much.
This is how it shows on my VAT detail reports and therefore would re-claim twice instead of showing in both input and output with a £0 net effect.
Hopefully I don't need to replicate the information on their sales invoice on the invoice template in quickbooks?
Client is not VAT registered, therefore has no VAT number and hasn't set up VAT as a tax in Quickbooks
Hi there, if anyone could help I would be very grateful. I successfully registered for VAT and posted 2 returns digitally. All good. Then came COVID and I de-registered for VAT. From what I understand the correct process / workaround is to have zero VAT as your default VAT rate as quickbooks doesn't de-register itself. Then came the economic recovery and I re-registered for VAT, but Quickbooks isn't liking my re-registration. It looks like it still wants to file the old returns for for the old now de-registered VAT number. Any ideas for a work around - or do I have to go to Sage!! Thank you very much if you can be bothered to give this any thought. Best regards James CrippsLondon
I'm new to bookkeeping and am taking over for someone who did the books 100% manually. That being said, I'm importing all of this year's (21/22) PayPal transactions into an account. When doing so, it needs me to specify what the VAT rate is -- (5% April - Sept, 12.5% Oct to present). I want to create a rule that either goes by date so I can allocate half the transactions to one vat code, or create two rules: one which comes after the other. Or is there a better way to input / sort these 100+ transactions?
I can't see it
