VAT
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Hi All, Any idea how to export submitted vat returns on quickbooks online(excel format)? Thanks in advanceVinod
Hello, I am a UK business registered for VAT in the UK, and I'm also registered to collect Norwegian VAT for any exports to customers in Norway through their VOEC scheme. I have set up the Norwegian Tax Agency, and tax rates for the Norwegian VAT on QuickBooks, but I am having a problem when filing my UK VAT return to HMRC. Basically, any transactions for the Norwegian VAT are not showing on Box 6 of my VAT 100 report for my UK VAT. This is a problem, as HMRC specifically requires Box 6 to show the total value of all my business sales, including any that have been exported. In terms of HMRC and UK VAT, the Norwegian sales should be zero rated, and included in Box 6. Any suggestions as to how to solve this?
Hi,We have been FRS registered for just over a year now and need to increase our FRS rate by 1% as the discounted period has come to an end. I have attempted to do this by browsing to Taxes > Edit VAT > Edit Settings and entering the increased rate into the % box but I am finding that the increase is applying to all sales in an existing open return which has a start date of 01/06/2021 and an end date of 31/08/2021. We would like the increase to apply only on sales from 3rd July onwards as this date marks the end of our first FRS year and the start of the non-discounted second year. Is this possible does anyone know? Kind regards Steve.
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Hi, Appologies in advance if this is a silly question -We are currently not registered for VAT, no VAT is included in our sales. When I have been recording our payments/purchases, I have been logging VAT as shown on receipts for payments. I have noticed on a report we have a figure against VAT liability, would this be due to be logging the VAT on receipts? Should I be recording everything as no VAT or am I doing it correctly? We will likely be registering ourselves in the next 3-4 months. Thanks
On the 1st October 2021 the hospitality VAT amount will change from 5% to 12.5%. Will QuickBooks be creating the VAT code for us to enable / use OR will we have to create this? Thanks,Ryan
Hi there, Could anyone please advise on the correct VAT code for recording an invoice with this scenario: We have imported standard rate goods from Germany. Parcelforce has invoiced us for the import VAT of these goods prior to delivery, therefore we have already paid the VAT on these goods. We now want to record the invoice for the goods in Quickbooks, which VAT code do we use? I assume it is not PVA (20%) as that would mean we'd be reclaiming the VAT twice? Thanks for any help,Austin
Hello I am on the flat rate vat scheme with a rate of 6.5%. As quickbooks does not show in your profit and loss the income made from the diffrence of 20% charged and 6.5% given to Hmrc and just shows income minus 20% vat i am getting slighty confused on the following. Currently to work out my income tax i take my total income add the 20% vat paid then minus my flat rate at 6.5% and then obviously minus all my expenses but what i find confusing is when you submit your quaterly vat through quickbooks which calculates the flat rate correctly but then add a journal entry that is labeled savings from flat rate and its classsed as an income but its a odd number not corosponding to what i make or earn from the Flat rate. So at present i am having to ignore that income entry and do the above calculations to get the correct amount for self assement purposes. Any advise if this is correct and or the purposes of the savings by frs entry when submitting which at the moment
I made a VAT Adjustment but accidentally selected the wrong tax rate... ('VAT on Purchase 15.0%' - where did that come from? It's not even listed under VAT rates) Can I delete this adjusment so it can be corrected? I've not yet filed the VAT return so I thought I could delete it, following the instructions at https://quickbooks.intuit.com/learn-support/en-ie/run-reports/create-or-delete-a-vat-adjustment/01/756390But the system says "This VAT filing transaction was created by the system and can't be edited" and won't let me delete it.
First VAT return period is longer than 3 months but less than 6> How do I do set this up?
Hi, I'm categorizing the staff on "banking" and I don't know if the asset as equipment I bought to use at work, I've to add the VAT.
Hi!When I am billing a supplier and passing on invoices to them from the quickbook system, sometimes the invoice includes the VAT as part of the total, sometimes there is no Vat, the invoice needs to be exclusive of Vat. what am i doing wrong?
Hi, I don't have 'NO VAT' tax code in my QBO. It is not inactive and I have tried to create such code, but QBO doesn't allow me to do so. Can you please advise? Thank you! Lucia
Hi, Two scenarios I am hoping someone can help me with. 1.) Purchased some items (goods) from Amazon, the seller has a FR VAT ID. I have paid the amount and the VAT at the time of purchase. What code? 2.) Similar scenario as above but this time Dropbox, so computer services .. Many Thanks
When categorising bank transactions, Quickbooks has started not to enter the VAT type, even though that account has a set VAT code. Very annoying as I have to go back and find what the VAT code should be, sometimes several times per day. And even if I've already categorised e.g. the line above and it's come up with the correct code, the next line down has the right account but no VAT code.
Hello, I have set up a Directors liability account in chart of accounts and have submitted several invoices I paid for out of personal funds. Most of these payments include VAT which I have added. However when I look in the VAT section they show the journal entry but the value shows as zero net and VAT. Can anyone advise how I ammend this?
Hi.Does anybody know which VAT Code do I use to non Vat registered retail buyer outside the UK please?
Can someone please sort out the layout of the PDF version of the VAT Detail report? The Name and VAT Code columns are far too narrow and the report looks a total mess as a result. The version on screen is fine, but can someone please ensure the column layout reproduces faithfully on the PDF export version?
Hi there, this is my 4th VAT return via QB but this one has attached a couple of exceptions to the return (as I had to update a couple of items (not amounts!) from a previous return) and I can't seem to remove them. Any ideas? I've tried changing back at source but still screws the figures on this latest return so it's not correct. Any help gratefully received. Many thanksKaren
I need to reclaim VAT spent on machinery during the 4 years before VAT registration. How do I include this on the first VAT return?
Hello How do I enter Fedex import charges correctly? For example a typical invoice would be made up of mostly import VAT e.g -Original Duty £5.71-Original VAT £62.62Sub total £68.33 I am Flat VAT VAT registered, so currently I just enter this full amount as an expense and cant claim it back (which i understand) however I also have "Savings by FRS" which I believe I should be offsetting with the VAT from imports Please let me know if my understanding is correct, and if so, how I should be entering
