VAT
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So I made a purchase from an EC Member state for say £500. The company did not charge VAT as I gave them my VAT number. DHL then invoiced for £100 plus £11.00 handling fee. How do I record this in QB?
We have changed our VAT reporting cycle and our next return needs to be for a four-month period. How do we arrange this in QBO?
I am trying to submit a VAT return for a non-MTD client, have done this many times before. I am getting an error message that I haven't come across before .... "Submission of this document has failed due to departmental specific business logic in the body tag". What does this mean ???? Bev
Hi,I'm on the Flat Rate Scheme with HMRC. The rate is 7.5% but get 1% discount in the first year.When I categorise transactions and enter the VAT should I be adding the VAT I charge customers (20%) or the VAT I pay HMRC (6.5%)?In Taxes > Edit VAT > Edit Settings I have the Flat Rate Scheme option ticked, with the percentage of 6.50% and the Tax Registration Date of 01/02/2021. If I choose 20% when categorising transactions does QuickBooks work out the correct VAT using the FRS rate in VAT Settings? When categorising transactions, If I choose 6.5% from the VAT dropdown I get the following error:'Were sorry, QuickBooks encountered an error while calculating tax. Try reselecting the tax rate or re-entering the product/service item and saving the form again.'Thanks in advance for any help.
Hello, When we recorded the VAT payment in the last period, the wrong bank account was used. This has now caused a bank rec issue.Can the Record a VAT Payment be corrected? Are we able to delete and re-record this? Thanks and Regards
I recently registered for VAT but just opened my quickbooks VAT accountIf I add rule to mark some transactions will it go back before the date I was VAT registered and include VAT on those too?
Hello,I'm finding this super confusing in the UK. I thought you could count 50% of your home rent, phone bill, internet, etc as a business expense if you use them half for work (generating income) but I can't see the process for doing that in QBO (I can only add the entire £771 I pay every month, or none of it) so how do I split these expenses - assuming I'm correct in thinking I'm eligible to deduct 50% of these expenses from my taxable income?Thanks!
The address includes Buckinghamshire which - given this is in Thailand is somewhat misleading!!
Hi there, I am trying to prepare my accounts to file a VAT return. I am importing items from China to UK and have to pay VAT on entry to UK.The import of items can be broken down into two transactions:1) Payment of supplier for items (No VAT is paid in this transaction)2) VAT paid at import of items to UK At the moment I am categorising transaction 1 as No VAT and transaction 2 as 100% VAT. The problem with this method is that transaction 1 then doesn't show up in Box 7 "Net value of purchases". What is the correct method to account for VAT in this case?
I have a small company that operates below the VAT threshold. I want to set up my VAT rate to 'No VAT' and after reading many articles they all tell me to go in to advanced settings and to set the Default Tax Rate selection box in Accounting to be 'No VAT'. However when I go into the settings this option does not exist for me! What do I do?
Hi everybodyMy company is based in Northern Ireland and trades with EU Countries suppliers and B2B customers.I'm next to submit a VAT RETURN via MTD to HMRC but I noticed that Box 8 and Box 9 are Nil (£ 0.00) even if, as far as I know, they should contain the difference between Box 6 (and 7) and the EC sales (or acquisitions). . If i click on the value of £ 0.00 associated to these two boxes, in the "preprare VAT return"window, I can actually get the list of the EC operations and the total of both sales and acquisition as a report which, obviously, it is not nil. Also at the bottom of each report I can read that it represents "total for Box 8 (or 9) of acquisitions (or sales) from other member states.Same if I go to VAT100 Report, which is basically the same thing.Why the VAT return says it is 0.00? Do I need to adjust it and how?Thanks
reallocate overpayment of VAT to next quarter?
My client has to be start charging VAT from 1st December 2021 but the registration number has not yet been issued by HMRC. I am trying to set up QBO so they can start accounting for the VAT from 1st Dec.
UK company sending sales invoices to EC (Spain) country now for services provided - it is B2B with a spanish VAT code and was previously reverse charge. I do not understand your VAT codes terminology page in your QB help page and neither does my accountant. Please can you confirm which VAT code I select for Sales of services B2B? Thank you
