VAT
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I'm receiving a sales tax on products for numerous countries at varying rates. I'm not going to be placing this into sales receipts because it would be too complicated. They will just be shown as sales tax free entries.I simply want to account for the whole sales tax sum received into my bank account and then show it being paid to the tax authority.What would be the best way to do this?Thank you.
Jonathan Valentine - Product Manager Tax and Accounting (UK) Welcome to the first 'Ask Me Anything' style interview where we sit down with a Product Manager from QuickBooks and ask them your questions. We asked earlier this month with a poll what you'd like to hear about and VAT came out on top. So, we've brought in Jonathan Valentine who is a Product Manager at QuickBooks specialising in Tax ＆ Accounting (UK).Without further ado, find some of your QB VAT-related questions answered below ⏬1. Can you show us how to reconcile the VAT control account for CASH VAT accounting?Thanks for your question about this. I've compiled a step-by-step below that will help you with Cash VAT Accounting:▶️ Log into QuickBooks ▶️ Go to reconcile ▶️ Select the account you want to reconcile (Select VAT control or VAT suspense) ▶️ Add the following information as required (Ending Balance & Ending date) ▶️ Start reconciling
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Can anyone help. I have simple bills (UK) with total amount, VAT and net amount. So far the only way that I've worked out how to bring the VAT amount into QB Desktop via the iif file is to have the total amount in the TRNS line and then two line items (SPL) - one with the net amount and the other with the VAT.....then import into QB Desktop and manually adjust the VAT code for the SPL with the net amount so that the VAT is automatically calculated, and then delete the second line item in QB that has the VAT code. This feels tortuous....the client will move to QB online in a few months but does anyone know an easier way to import total amount, net amount and VAT for a bill?ThanksAdam
This is a general query about reclaiming VAT. (Dates are just for example) If I registered for VAT in May 2021, and I can claim VAT on goods up to 4 years ago, and services up to 6 months. Say I had an expense before I was VAT registered in March 2021, which was for: £120 = £100 £20VAT Do I show the transaction (for Self Assessment purposes for Apr20-Apr21) as: 1) £120 expense, or 2) £100 expense i.e. Is the expense still £120 or now £100? It would already be recorded as £120, so surely you can't go back and change it. And under normal circumstances it would be an £100 expense (if recorded after VAT registered), right? Obviously when doing a self assessment tax return it makes a difference as the expense could vary by £20? So the question is really, do you go back and change the transactions prior to VAT registration to include the VAT within the transaction? Or do you just leave it and manually take it off when you do the first VAT return, and still benefit from the full (£120) expens
Hello All, I am attempting to enter the Import VAT transactions based off of the monthly PVA statements. I have a purchase order from June, with payments made in October, November and December. It was from an EU supplier and liable for Import VAT upon importation. When entering the original PO and supplier bill, I selected the zero-rated tax code.To account for the import VAT (imported in October), I created a new bill with two lines:Line one = £43,301.80 with PVA 20% tax code resulting in the correct amount of tax payable.Line two = -£43,401.80 with NO VAT tax code to cancel out the total amount and leave VAT remaining. Everything is correct on the VAT return except Box 7. It now includes the total invoice amount from the Import VAT bill (even though the total is 00.00 in the bill, in Box 7 it is listed as £43,401.80) and also the 4 invoice payments made to the supplier to pay for the goods during OCT-DEC. This means that the invoice total is included in Box 7 twi
Hello, I need to generate a report that shows transactions over a period of time but grouped with the ones with VAT added (20%) together and those without VAT together so we can see the totals of each group (VAT and no VAT). Is there a report that I can run to show this? I dont want to run the VAT 100 report. Thanks
Hi! I have been trying to file my VAT return for a few days and it is now late (I know I shouldve done it before the last minute but I can't change that now). I now can't open the VAT tab. It comes up with the error message:"Something's not working. Give us a few minutes and try again. If it still doesnt work, call us so we can take a look." It has had the same message for the last few days. I have contacted the online chat and they just suggested everything I had already done. So far I have:-Retried over the last few days to get the same message each time.-Tried different browsers (Microsoft edge, firefox and chrome). I have also cleared all cache and cookies etc.-Disconnected my tax made digital and reconnected it. Is there anything else I can try, I am open to any suggestions! I can still open the income tax tab within the taxes menu, just not the VAT tab. Any help would be greatly appreciated. The woman on
Just wondering what VAT code to use against our bounce back loan repayments that have started? Also wondering whether I need to be showing any interest elements of the repayment separately within the payment? I have the loan as a liability account on the balance sheet and obviously overall we will be paying back more than we received? Thanks
I have 4 clients that need VAT filing. Once I click "File VAT MTD" I get a pop up stating "Please check the VAT Registration Number and try login again". So far I have:I have deleted each of the VAT numbers and re-entered them several times - no change - On some clients, QB's has put spaces between the VAT numbers and I cannot get rid of them! Disconnected my HMRC account and re-authorised it - no change Run QB Desktop File Doctor on all files - no errors What else can I try? Many thanks
Hi, My company is operating in UK and i purchase Music course from USA open studio and the invoice which i received is in US dollar and showed no VAT.I gave it a VAT code of No VAT (0%) is that correct?
looking for some help on how to record the VAT on an import bill (from China) we have. Our supplier send the shipment by fedex. A month or so after receiving we get the Fedex bill totaling £330.29. £314.99 is the VAT on the import, £12.75 is the charges which is vatable. We need to reclaim the £314.99 VAT we paid however i dont see it appearing when i create the VAT return. Initially i put the VAT element under VAT suspense when creating the expense (with vat exempt or 0% VAT on it). I'm guessing this isn't correct as it isnt showing up on the vat return. Any help on how to get the £314.99 to appear on the VAT return would be much appreciated. Thanks
This will need to show on the P
I subscribed for Simple Start and I am in process of VAT registration so plan to start to charge VAT from 1st of February. Is it possible to start doing bookkeeping in QBO from 1st of January and turn on VAT from 1st of February or need to wait until I am fully VAT registered.Thank you.
How do you submit tax return
Trying to find out if any used vehicle dealers use quickbooks and if so how the handle the vat margin on the system.
My business is not registered and sells electronics on Amazon. Should I label VAT on sales as being "20.0% S (Sales)" or should I label it as "No VAT (Sales)"? Thanks for your help
I have cancelled my company on quickbooks but just been told i need a final nil vat return for the last quarter. The system will not allow me to do this it just says "oops something went wrong, give us a few minutes". Does anyone know how to get around this? Thank you
I have filed my previous quarter VAT( JUNE-AUG 2021). But I missed entering Rent VAT. I have entered the office rent of 1 year of AED 21410(excluding vat=950) as a prepaid account. The rent payment is made through 4 cheques which include the VAT. I entered the missed VAT of AED 950 asVAT suspense A/c..950Prepaid Rent a/c......950 in the month of JULY 2021.After doing so, I can't find this amount while checking VAT details or VAT exception details in the taxes tab. Is my entry wrong? Why is it not showing the VAT amount either in VAT details or VAT exception details?
