VAT
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Hi,the business I am entering invoices for is VAT registered but some suppliers are not - when entering a bill, from the drop down do I choose amounts are exclusive of VAT or do I select No VAT ? Thanks
How do you enter this in QB?
I recently transferred my data to Quickbooks online and would like to record the past vat payments. However, only the latest VAT return appears in Taxes menu. Could anyone help me with recording historic VAT payments in Quickbooks online?
Hi QB Community,I have an invoice from a US supplier and am confused as to the VAT code I should use.Would it be No VAT or Exempt?Thanks in advance for your help, Hannah
Hi - I'm new to Quickbooks and trying to work out how I should account for the VAT on a Royal Mail invoice where the services charged for are a mixture of zero rated, exempt and 20%. Therefore if I select just one option as prompted to do then it will apply the wrong VAT amount. Thanks!
Hopefully just a quick one. In the banking section, when a client pays VAT owed to HMRC (for example - this could also be a refund) and you see the transaction going out of the bank, is it best to:A). record the transaction as an expense in the VAT Suspense account, orB). create a VAT payment in the taxes section and match the transaction to that payment? I am looking through the books for a client and it looks like both have been done in the past. Many thanks for help.
I am trying to cateorgrise all the transaction in banking to submit my VAT retrun. How do i cateorgrise a VAT refund / payment form HMRC?
Hi, I'm a newbie dealing with FRS (Flat Rate Scheme) so forgive me if my questions seem obvious! So I know FRS is only calculated on sales, when setting FRS up in QBO am i correct that ALL expenses/purchases/cheques are set to "NO VAT" and the gross amount is entered (INC VAT) Is there an exportable report in QBO to establish my clients "deductible expenses" per quarter, to ensure being on FRS is still beneficial to him? I cant find anything other than the "NO VAT Transactions report" which of course, because the value is entered as a gross figure and as NO VAT, it doesnt have the vat analysis (doesnt show what vat would have been able to claim) which means i have to go transaction by transaction and allocated vat if applicable in another column!
If I change the invoice date to 10th September I get the payment in the right quarter for the VAT but then it shows the 10th September as the date the service was provided, which messes up the other reports. If I leave it then I am paying the VAT on this in the wrong quarter. Totally confused!
I'm about to file first Flat Rate Scheme VAT through QB.There is a reverse charge invoice.If I use tax code 20.0% RC SG VAT is shown on box 4 but not box 1. Is it a bug? HMRC says the following on this: If your business "purchases services from outside the UK to which the reverse charge applies" - "these supplies should be dealt with outside of the Flat Rate Scheme. Exclude them from your flat rate turnover but record them in boxes 1 and 4 of your VAT Return, as you would under normal accounting. "
I have double checked that there has been no VAT added to non VAT registered sub contractors and everything is as it should be.
Everything is already set up for MTD VAT. This is the third time I have submitted, the earlier two went through fine.
On the actual VAT Return preparation i am able when i click on Boxes 2,4,7,8,9 i get a message saying this report does not contain any data
HiI get paid commission weekly, net of VAT, I then have to invoice my supplier with a month or quarter worth of paid commissions, to claim the VAT element, which then gets paid with the next weekly commission payment. So for July to Sept 21 I've just been paid roughly an additional £590 which is the missing VAT for the previous 3 months commissions, how do I now record this VAT payment? Cheers Steve
Hi, we are a contractor currently not VAT registered. We have an invoice from a sub-contractor who is VAT registered and need to make CIS deduction. Not sure how to show this in QB, we have CIS etc set up but our subcontractors are not normally VAT registered.Ok so invoice is for £500 including VAT, so the net amount is £416.67. This is all labour so we need to deduct 20% from the £416.67 giving us £333.34. Now we need to add the VAT back on as this is not CIS deductible so the VAT portion of the invoice was £83.33. Add this to the £333.34 total payable to SC is £416.67. Bingo, CIS deducted, he deals with his VAT at his end. So on my bill from subcontractor, Line 1 has Subcontractor CIS cost standard (20%) with a value of £416.67 from which QB auto deducts the 20% CIS. How do we now show the £83.33 part of the invoice or rather which account is this shown as on line 2.
In the banking tab, the VAT column is blank a lot of the time on my transactions. When I match these transactions to existing bills that have VAT, does it matter that the VAT column was blank on the banking transaction? After I have matched the transaction to the bill, if I go to Expenses, the bill payment will show that there was 0% VAT, even though the bill that it was linked to will show the correct amount of VAT on that bill. Does that matter at all?
Hello there!I had to tick an invoice as being paid, as the system would not automatically match it to the invoice it belonged to. This works fine for banking and the invoice plus I believe the clients sale data, however in the VAT return it becomes a problem as I have duplicates.Since undoing this sales receipt doesn't solve the problem, as I can't match the invoice still I wonder how I can resolve it please? Thanks,SSC2021
