VAT
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I am a business that is not registered for VAT and as such have made VAT payments on import of inventory purchases. Should VAT be accounted as a Cost of Goods Sold or as an expense?
We have recently starting importing goods from China and would like to check we are entering the data properlySo for entering the bill for the purchase of the goods should I select No VAT from the Amounts are or select Exclusive of TAX. If I select No VAT I assume that this doesn't then add the purchase on the VAT return.Once we get the goods we receive a bill for the duty from Fedex and as we are VAT registered we can claim the VAT back. So in the bill I would enter :-Amounts Are box Exclusive of TAXCategory details -one line for the duty with 0% Zanother line handling fee 20% S (there is VAT charged on this)under the subtotal at the bottom would enter the amount of the VAT that we are charged on the goods (as I said we are VAT registered and can claim this back)Hope that all makes sense and is this correct
I have been using quickbooks online for just over a year. I have to manually keep entering the 20% on invoices etc. Is there any setting I haven't yet found that means this populates automatically please. Also need to make it seamless for staff as we have just become VAT registered.
Hi All,I have an issue. When I started to generate Invoices I was not VAT registered, however it was agreed with my "Customers" that I would charge VAT at a later date. I now need to raise a VAT only Invoice so that I can recover the VAT charges from previous invoices. I know the Invoice Numbers in Quickbooks for which I need to raise VAT Invoices for. Will be grateful if you could let me know how I can create a VAT Invoice only for my "Customers" Thanks
Hi there, I am going to use example figures here just as a reference to explain my problem. This is my first VAT return in quickbooks On my current open VAT return it says VAT due £5000 when I go to chart of accounts and have a look it says VAT control it says £6249.43Any ideas?
I have 3 lines . Does that make sense difference?
no payment made so cannot claim/account for as i usually do.
Hello there, we have a PA based in SA. she invoices in GBP and there is no VAT.How should this be recorded in QB? should the VAT be "No vat"? Thanks
I'm in the process of preparing my books in order to file my company accounts. I am a business who registered for VAT in September 2021. Before September "VAT Control" shows up on my balance sheet as a current liability but I was not registered for VAT before this time and so I am not owed anything for this VAT Control amount. Since September I have been paying VAT in accordance with HMRC policies and therefore there is not a VAT control account present. How should I account for VAT in this instance? How can I get rid of the "VAT control" account on my balance sheet?
All previous transactions were submitted directly onto HMRC portal.
I incorrectly charged VAT on a new build 2 years ago and the returns have been filed. The customer has now been in touch and HMRC will not allow them to reclaim the VAT as it should not have been applied to the invoice. They would like me to refund the VAT amount but how do I go about doing this in a way that ensures I get the amount back from HMRC.
I'm thinking about what will appear on the return.
When raising sales invoices with the VAT code RC CIS - is there a way that you can show the VAT amount on the invoice and then show the reverse charge? The purchase invoices seem to be set up in this way but not the sales?
The Return that is shown ready for checking by me has dates which cannot be changed. HMRC are asking me for a past dated return which was missed. How?
Hi There,I have a client who uses the Antiques VAT special scheme where they must state on all invoices that they use the scheme, they obviously show their VAT number but they don't need to show VAT breakdowns.To be clear, the scheme is that the VAT on an invoice is actually the VAT on the profit, the difference between the cost and sale price.I want to use the Quickbooks invoices so the client can send invoices to their customers etc, however, I cannot find a way to make the pdf and emailed invoices to exclude the VAT breakdown or even VAT total, obviously if it is displayed, then any knowledgable customer would be able to work out the clients profit! To be clear, the buyer usually can't claim VAT on such purchases hence VAT does not essentially need to be broken down on the invoice so I want it removed.Anyone with any ideas?To be clear, I'm using MTD to submit VAT so using "No VAT" on invoices is not an ideal solution but I am considering it as a last resort, the downside of it thoug
Hello, I'm trying to get an estimate on tax for my LLC. I am not VAT registered, and I don't have the option to set the default tax rate in my settings. I am trying to click on taxes and view them, however I am blocked by the "Set up and collect VAT" screen, which I am unable to complete because again, I am not VAT registered. Is this intentionally built like this? And is this software worthless to me now if I'm unable to view taxes without being VAT registered?
Is it possible in Quickbooks to post a transaction which does not have a standard VAT amount - For example Net 100.00 VAT 6.32 Gross 106.32?
I'm completing my first QB VAT return. I can see the correct values on my VAT 100 report but my actual submission is including all expenses and sales from the past year as if I've never submitted a return which I have, directly to HMRC. I'm out of ideas because I've selected the date range but the submission is also looking back the previous 3 quarters. Any ideas what I'm doing wrong?
QB is asking for VAT rate, but it will not allow me to put it in, unable to change the rate or any of the dropboxes.
