VAT
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My first year flat rate 1% reduction on VAT ends on the 31st Jan and I need to schedule quickbooks to automatically start tracking the new rate from the 1st February. I believe this should be possible but cannot seem to find any instructions on how to set this up to take effect without manually adjusting it on the 31st January. Can anyone point me in the direction of some instructions on how to do this correctly? I'm terrified of getting anything VAT related wrong so need a very simple step by step guide with screenshots if possible!
Is there any way to make the VAT to be cleared on VAT Tab when payment is made? Thanks
I have 2 businesses for which I've used Quickbooks online since October 2019. I live in Jersey. My businesses are wholly in Jersey and I've been paying VAT on my subscriptions. Jersey is VAT exempt. How do I claim back the VAT I have paid?
Hi, I'm new to QBO. I submitted my last VAT return using MTD. I have received a refund. How do I post it? When I go to Taxes, the VAT shows as paid (green tick next to it) but it doesn't allow me to post the refund onto my bank account. If I go to filed returns, there is nothing on that list. As I said, I submitted the return using MTD, it went through OK. I'm not sure of what to do now. Thanks in advance.
When recording a VAT refund QB matches the payment but do I then need to post a journal to reduce the expense by the refund amount so that my expense/overhead is not overstated in the P&L.
I prepared and attempted to file my VAT return with HMRC through QuickBooks Online but the return status is now showing as Rejected with the following message:HMRC has rejected your VAT return. Call them on 0300 200 3700 and quote internal error code INTERNAL_SERVER_ERROR so they can take a closer look.I have gone into my HMRC account online and the VAT return is showing as being submitted successfully.How can I mark the return as filed in QuickBooks rather than rejected?
Hello, I need to create a new VAT code (which I'm calling 'DRC') for the Domestic Reverse Charge now that I have gone VAT registered. Within the VAT code I have also set up two VAT items: DRC on purchases and DRC on sales. I am stuck at the point of selecting the correct VAT return box and the correct VAT return rates for both items ... or should I be doing this through a VAT group anyway? For purchases I believe I need to put the VAT component in box 1 and 4 and the net value in box 7For sales I believe I only need put the net value in box 6 When selecting the boxes which a VAT item can be applied to I am only given options for 1 box or two boxes, not 3 as I will need for purchases (1, 4, 7). Would I achieve this by setting up a VAT group which has one item handling the box 4 and 7 part and one box for the box 1 part? If so, can somebody please give me an Idiot's Guide set of instructions? Thanks in anticipation of a simple solution! Re
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I normally use the sequence of "Sales Receipt, Card Sales, 400 Sales paid by card, VAT 20%" when accepting bank transactions. This has worked perfectly well for years but now I find it impossible because no matter what sequence of actions I try, Sales Receipt always reverts to Deposit. The reason this needs solving is because Deposits can refer to supplier refunds, loans being repaid by Staff, deposits of expired bank notes or cash sales etc and if not properly allocated to the correct accounts we could end up paying VAT on such deposits or underpaying VAT on card sales which could be very costly. I have asked QBO Training and QBO Support without success so far.
Box 6 and 7 not included other sales just vatable mentioned is that ok?
Quickbooks is not connecting to HMRC today (Dec 😎 and VAT deadline is today. QBs Help button is also not working and the customer service line is not open. POOR SHOW!!
Quickbooks looks like it's done an update this week the way I invoice has changed and it won't let me add vat like it used too. Ive added it on the lap top but the app doesn't allow me to choose the option of adding vat? anyone had this same issue
Hi My VAT return has deposits as well as invoices in my sales boxes which is duplicating the VAT due. Does anyone know how i can fix this please?
I've not saved my return but cannot alter figures entered and I've made a mistake so need to start again
Hi, I am trying to submit my vat return but the reclaim figure in box 5 is much less that the figure to be reclaimed in box 4 and i can't see why. Please help ThanksMick
Hi, I posted this once but looks like it got deleted. I have always been opted out of the PVA scheme and do my VAT returns the old fashioned way of paying import tax in full and reclaiming in the VAT return. Recently a courier company messed up and processed the import using PVA. I am having trouble entering the customs invoice for PVA VAT. I have an invoice from the courier company for duty and clearance fees. I need some help on how to deal with the VAT using the PVA scheme. As an example.......Duty - £25 CodeClearance Fee - £12 Code ZPVA VAT - £500 How do I include this on the courier bill so VAT is calculated correctly using PVA? When I enter £500 and select PVA 20% it just shows a VAT amount of £100 and -£100 in the VAT boxes. I need the full £500 to show. Any help or suggestions as 1.5 hours on the phone to Quickbooks didnt help solve the problem. Thank you
there are no issues on my HMRC online tax account
any corrections i try to make are being added rather than subtracted and making the problem worse?
Hi, I am trying to file first VAT return in QB and also for MTD but the VAT end date is showing from May to August instead of the quarter May to July. The VAT settings are start of current period May and quarterly filing frequency. it was showing as the end date in July yesterday so don't know why its showing as August today. Does anyone know how to change this from August to July. Thank in advance.
Looking for some advice please. Box 5 figure on my VAT return is £17.27 different to the trial balance.VAT Return £519.33- reclaimTrial Balance £502.06- reclaim No sales vat as all sales zero rated. I have tried to trace the difference but it is years old. How do I make adjustment please? I want to amend so VAT box 5 figure is £502.06-.Is a journal the best option? Thanks
