VAT
Recently active
I’m a small business and new to quick books I am not VAT registered how do I turn this off please
I have recently just started using quickbooks, getting the hang of it slowly. I have been monitoring my VAT etc, and have noticed in the VAT section where you can error check where there are quite a few transactions that say'Items that won't be reported on your VAT return' My question how can i sort this out? It also says 'Any items with the No VAT code will be excluded from this VAT period. Make sure the code has been used correctly for these items.' How can i change this at this stage? any help is appreciated
Original commenter did not share additional details
Hello,As you may have seen Xero have created a function to apply a PVA VAT adjustment: https://central.xero.com/s/article/Adjust-the-amounts-on-a-VAT-return#ApplyaPVAadjustmentPVA is quite a complex topic. Without getting into the full details, essentially the VAT paid on any import does not equate to exactly 20%, and each import will be a slightly different percentage (based on; exchange rate differences, assumed transportation cost and associated VAT, and customs own "VAT Adjustments" (whatever they are)). e.g. we might record £25 VAT on a 110EUR (£90) bill.Therefore, we need to make these VAT adjustments as our VAT return MUST agree with the PVA statement (so I'm told).Do Quickbooks plan to create similar functionality as Xero to allow easy posting of PVA VAT adjustments?Thanks!
Right, just started on Quickbooks, I sell second hand goods so I am eligible for the margin scheme, but according to HMRC I should not show VAT separate on my customer invoices, is there a way around this?
In Kenya, you don't get your VAT refunded, our revenue authority rather starves your cashflow. They say you will recover thru your future sales. This means that, upon filing, your negative balance should remain. It looks like QB assumes that businesses get refunds as after filing that negative balance is nowhere to be found... how do I adjust my sales tax account to reflect the correct figure?
Hello, I try to manage overseas business transactions for importing services.As I understand invoices from supplier outside the UK are subject to the reverse charge rule and VAT should be accounted for by the customer. 20% RC reverse charge VAT tax rate should be applied for services purchased from overseas suppliers.Should I enter only new transaction as an expense with VAT Reverse Charge or should I additionally enter the same transaction as a sale receipt with 20% VAT. How to register these type transaction in QB correctly to prepare VAT return.
The VAT Office have requested a VAT Audit Trail detailing sales and purchases that make up the figures on the return. The VAT Audit Log that is downloadable on Quickbooks Online appears to only provide the most recent entries and not submitted VAT returns. Is there a way of running a VAT Audit Trail for a previous VAT Period please? Many thanks Julie
Good evening,I integrated my zettle account with my Quickbooks account in March, unfortunately I didn't understand Zettle very well and it wasn't until Mid July that I realised all of my products were set at 20% VAT rate. I am trying to reconcile and get everything sorted and wondered if this made any difference at all?When I run my Sales report in the Chart of Accounts I can see each invoice has a memo with sales number and then the VAT rate incorrect.Should I manually change each of these in the Chart of accounts and delete the VAT rate, which will take a long time as there are 1 per day between March and when I changed it in Zettle?Or does this not matter and I can just leave it and ignore. During this period I was not VAT registered so do not need to perform VAT returns, however, from October 1st I will need to be. Will it pick up this information from the past in error? Thanks
Hi QB community, my company is reporting GST starting 2 Jul. I am looking for a GST report that will reflect all of the individual purchases and the corresponding individual GST for each day. Currently, the tax agency detail report reflects only total purchases and total GST for each day. We are using Desktop Premier 2013 edition. To illustrate my point, 3 screenshots attached.Screenshot 1 (tax agency detail report). For 2 Jul, total purchases is $1,342.27, corresponding GST 7% is $93.96.Screenshot 2 is from the purchases account. The yellow highlighted reflects the individual purchases adding up to total $1,342.27 2 Jul. But this report does not reflect the individual tax amount. Also, this purchases account includes both GST and non-GST purchases. So it is difficult to identify at a glance the GST related figures. Screenshot 3 is the write cheque feature where I enter the purchases and their related GST or non-GST statu
Hi all,I have a very small business with 2 employees, and have just tax registered. It's a minefield! As someone who is not trained in accounting, I am so confused! I don't know what I can and can't claim for, I'm not sure what the HMRC class as a valid invoice! My business is garden and waste clearances, so I supply services. These I've now put 20% on all invoices, but I'm even struggling with the categories you need to apply to payments etc going through the bank, which I've now synced!! It just seems so much Can someone please help me, or signpost me to somewhere please? I've tried reading everything to do with VAT on www.gov.co.uk, but my head is just swimming!!
I am new to quickbooks and cannot see if there is anywhere to detail that my business is not VAT registered? Or a box to tick to say sales receipts do not include vat?
I like QBO but must say it seems to very much assume everyone is VAT registered - eg. it confused me how it prompts me to "Set up VAT" but it's impossible to do so because it asks for my (non existent) VAT registration number. FYI Quickbooks reps: There needs to be a clear message saying "Not VAT registered? Hide this prompt" My understanding is my invoices definitely should NOT be titled VAT INVOICE when I'm not VAT registered and not charging VAT on any of my invoices. How to fix this?
ie His old vat 1/4 was July - Sept. I am now wanting to submit just July
I have a very specific question about import VAT and the new PVA VAT code. Please bear with me…We import containers that are paid for in 2 instalments prior to arrival of goods in UK. We typically enter our suppliers (Zero rated for vat) invoice as a bill and it gets paid before arrival of goods. Those net figures get posted to box 7 on our vat return.Then on arrival of goods into the UK, we find out the final VAT import figure, and we would normally pay our vat through our deferment account, creating an HMRC bill for just the VAT that we have paid. That allowed us to claim it back through box 4 on our quarterly return. So, post 1st January we start to use PVA codes. When we select the PVA code it will not allow us to create a ‘VAT only’ invoice as it is trying to be clever and also complete box 1 and 7 at the same time. As our previous supplier bills have already populated box 7 we can’t use this restrictive code in QBO. Also, we can’t add the VAT at the time of entering th
HiI am into supply of services from UK to EU countries. Most of my suppliers and customers are VAT registered, but some are not. I need help on the below:1. Selling services to VAT registered business in EU: 0% ECS- Should appear in box 62. Purchasing service from VAT registered business in EU: 0% ECS- Should appear in boxes 1,4, and 73. Purchasing service from Non VAT registered business in EU: Shold it be marked as Exempt so that it appears only in Box 7?4. Selling services to Non-VAT registered business in EU: Do I charge 20% S, or should it be 0% for Outside scope of VAT, like in the case of businesses outside EU?
HI everybody, here's the scenario.NI registered company selling online to EU countries, also registered to OSS Scheme.The sales to individuals must be charged with customer's country VAT. I.E. Germany 19%.This VAT need to be accounted separately and reported to the OSS Return (available on October 1 from HMRC) but at the same time needs to be stated in the invoice.It is then paid separately to HMRC, according with the OSS filing.How to manage this in order to have foreign VAT not included in the UK VAT RETURN and accounted twice?
I need to reclaim the vat on purchases before our registration date. We have used QB since the business began last year so all transactions are already in QB, they have been matched and reconciled each month from the bank feed. What is the best way to add VAT to these transaction? Do I have to uncategorise all the transactions then add them again with the VAT code?
