VAT
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I am not vat registered
can you link the Vat return as paid to the amount showing on the account
Can someone clarify which vat codes we should use in Quickbooks online please?We are a vat registered UK business buying goods from mainland EU suppliers and selling goods to mainland EU businesses. So we provide our vat number and buy from the EU without the vat, then we also sell to EU businesses without vat when they have provided us their vat details.I would expect when we enter a purchase receipt into Quickbooks for an EU purchase that it would show no VAT, but that the vat element would be recorded on the box 2 and box 4 sections of the vat return. Should we be using ECG 20% for this?Then when we enter sales receipts where we haven't charged VAT to our EU business customers, are those classed as ECG 0% because they're handling the vat in-country?thanks in advance,James
Posted our first VAT return to HMRC via MTD and all went well, except that when I reviewed later I noticed that the VAT owed amount (credit) went against my personal bank account rather than the company business bank account. Firstly how do I correct this and secondly where are the settings that I can change to make sure the my next return goes against the correct bank account. Appreciate your help. Thanks
I have set up FRS as a VAT Code however when I go to do an invoice it is not showing for me to select in the VAT dropdown. I have clicked on Manage Rates and it is showing on the list and is shown as active. I have tried deacitvating everything and then reactivating and that didnt work. I have tried deactivating everything and only leaving the FRS option active but then the drop down list shows nothing! Any advice?
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Hi, HMRC have confirmed my VAT deregistration but are asking me to submit any outstanding VAT Returns which cover the period up to 03 August 2021. My last full quarterly return was to 31/7/21 so how do I do a submission from 1/8 - 3/8/21 in QB? Thanks
a flat rate scheme (16.5%) VAT client of ours, wrongly reconciled a bank deposit (director's loan) as sales in last quarter. It resulted in VAT payable of £165.00 (16.5% of £1000.00). This quarter, we re-reconcile it in Director's Loan account (No VAT). However, as expected, it won't come as late claim or refund on this quarter's VAT report. how do we claim it back?
Hi,am filing VAT Return for last month but quick books premier accountant edition 2019 is showing nothing .how do i solve the problem.
I have three client companies, each with their own account file. All client companies have the same accounting period dates. No VAT codes have been issued to date. I'm about to apply for a group VAT code for the three client companies QUESTION: How should I setup the three QB account files to report VAT on a group basis?
Hi all, I'm reaching out for some help with how the VAT figure is calculated in QB. I have a number of unpaid invoices which I have written off as bad debt, but the sales figure on the taxes page stays the same. If I add an invoice the figure increases no problem! How do I sort this? I have two invoices to sort for the current VAT quarter but there are also quite a few invoices from last year which I think we have paid VAT on when we shouldn't have.Thanks in advance.
drop down list for VAT in expenses is not working
HELLO,I AM CREATING A VAT INVOICE. BUT I ALSO WANT TO SEE ITEM WISE VAT AMOUNT AS WELL.PLEASE PROVIDE A SOLUTION.CURRENT SCENARIO IS:QTY RATE AMOUNT VAT%WHAT I WANT ISQTY RATE AMOUNT (VAT% IN AMOUNT) (TOTAL AMOUNT INCLUDING PER ITEM VAT% IN AMOUNT + AMOUNT)
I am about to submit my latest VAT return, but noticed that the VAT owed is significantly higher than expected. When I checked this out on the VAT details I could see there are large banking deposits downloaded as well as individual sales transactions. This in effect has duplicated transactions and falsely inflated my VAT. I have sorted it for this current return, but I can see the same error has happened to previously filed returns. What is the best solution to deal with this, I am on a FRS and my accountant uses Sage and is unable to help me? Thank you.
I have been pulling my hair out over this one as , whatever I do, I cannot seem to get the VAT code set up correctly. I have received a couple of purchase invoices with No VAT charged but where the VAT code on the invoice states "reverse charge".I have selected the RC VAT code but the transactions do not show up in the "Reverse Charge list"...Either I am being daft and should only expect to see reverse charge "sales" in this list report or else I need to either amend the current code or set a new one up.
Hi there,I would like to record expenses manually to Quickbooks and also add their respective VAT/BTW to the bill, so that I can see how much I have paid and claim this back. When I try to enter an expense, I can only add the full amount. When I try to do it as a journal entry, I can't save it without putting both credit / debit in there which doesn't make sense to me. Can anyone help and knows how this is correctly done in Quickbooks please?Thanks!
Hi Everyone, We have received a payment from a Client for 2 Applications for Payments (estimates) sent before the VAT reverse charge came into play on 1st March 2021. The payment they have made is not including VAT which are owed on the Applications - we are trying to get the VAT to be paid but until then we need to clear the funds that have been paid. I need to make the Application into an Invoice - no problem - but is there a way to show the VAT hasn't been paid by the client and that the remaining amount due is to include the whole VAT amount ?! For example: Application is worth £10KVAT is £2KPayment received is £8K Therefore client owe £2K on Application itself PLUS £2K in VAT I'm hoping this makes some sense to someone - would be grateful for any assistance or suggestions.
