VAT
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I have signed the client up to MTD
How can i get my VAT return to change from 1 month to 3 it is showing quarterley in settings
I have received two invoices for digital services from Zoom and another company, both US based, with GB VAT codes. Both say that "VAT should be self-accounted for under the reverse charge mechanism". I am familiar with reverse charge for EU-based companies through MOSS VAT, but not a domestic reverse charge. How do I code this for VAT in QBO? Thanks.
how can I rest and re-submit?
My client has made crucial errors in his first year of using Quickbooks and I need to be able to ascertain the vat amount in each past sale and expense transaction. I have tried the "banking" tab, but this does not appear to show the vat .element.
Preparing my first VAT Return... confused! I am using the Flat Rate Scheme at 8.5%How is "Box 1 VAT due on sales and other outputs" calculated?My total VAT charged on sales does not match the amount in this box.The amount in Box 1 is £3158.84. When I click on the amount it shows that the total VAT charged on Sales is £2097.24. This makes no sense to me. I expected it to match.NET Value of Sales does not match either when I click on it. £10300.05 in Box 6 compared to £10486.15 when I click on the amount. My next question relates to a van bought before I started trading (within the time limit for reclaiming VAT). So I recorded the expense on 29/2/2020. I became VAT Registered on 1/5/2021. When I recorded expenses prior to VAT registration, I recorded them all as No VAT. I believe this is correct. If I am reclaiming the VAT do I need to go back and record this with the VAT amount showing and tick the VAT reclaimable box, or do I leave it as it is. I have already made an adjustme
I'm having difficulty in connecting to MTD and am receiving an error code: error code CLIENT_OR_AGENT_NOT_AUTHORISEDI feel I'm missing something simple here but just can't see it.We use one government gateway ID for all the existing business aspect such as payroll and self assessment etc. plus we have just set up a new Government gateway account to re register for VAT and now have a new vat account and can see our certificate online. We have also registered at HMRC for MTD and received our confirmation e-mail this morning, but when I look at the VAT page on QBO I get 'We can't connect to HMRC right now' and the green button saying 'Take Action'. Any help much appreciated please.ThankAndy
I wonder if anyone can advise me? we are uk vat registered company selling on Amazon, the seller fees are 0.0% VAT which box should these appear on VAT return?
Hi we are based in the republic of Ireland and import good from Uk. Since Jan 21 we can no longer used the EC codes on QB as this does not reflect the correct figures for our VAT 3 return. I have read on here different people looking for guidance on this. Has anyone been successfully in setting up new codes that are picking up the correct figures for their VAT 3 return and if so what have you done. Thanking you
Hello, if I am invoicing for Services provided to EU member states which VAT code should I now be using?
I had a quickbooks accounts and paid my VAT due for that quarter, I then restarted a new quickbooks account and paid the VAT for the same sale on that one as well, it was confusing because the sale was made on the 27th of sept but payment wasn't made until the next quarter. So how do i go about claiming the £630 back that I paid twice, nearly 9 months ago, regards
Hello. We have recently sold a fixed asset (a vehicle) for very slightly more than we initially paid for it.The amount we sold it for has a VAT element that I need to account for too.Do I need to create a new supplier or customer account first? I don't want it to add into my normal sales figures.Please could somebody advise how I should process this sale in QuickBooks Desktop? Thanks!Chris
Hi, I'm looking for guidance for entering invoices for digital services bought outside UK where VAT is not charged, like Dropbox, Shopify and others. I understand that VAT must be paid and also reclaimed through a reverse charge procedure. When I tried using the RC VAT code it behaved strangely. Say the invoice was for £100 for cloud services, so I'd have to account for £20 VAT as due and then reclaim. However, on the VAT 100 report in QB, it showed the whole £100 as the due tax which is wrong. When I then made a notional sale for £120 to reclaim the VAT, I'm only reclaiming £20. So something seems wrong.. Is there any guidance or example for this? Thanks
Hi I have received money in my bank (a rebate) that I want to deposit into a liabilities account within QBO. I select "No VAT (0% Purchases) and Add it. When I look at the "Bank Deposit" within the Chart of Accounts the VAT code is "No VAT (0% Sales)". If I add it as "No VAT (0% Sales) the bank deposit switches it to purchases. Can someone please explain? Thanks Nick
Business officially formed 4th April 2021, voluntary VAT approved from 1st May 2021. QuickBooks all setup for automated Tax submission, but only capturing VAT from 1st May 2021. During business setup I made purchases for office equipment, furniture etc from my personal account dating back to 30th March 2021. I have NOT yet submitted my first VAT return and want to ensure VAT from all the business related purchases from my personal account are included. My thoughts are: Manual creation of expense claims for Mar/Apr/May (excel sheet) tracking purchase line items, VAT etc. Then entering journals and expenses in QuickBooks. My question is, assuming there will be 3 expense claims (one for each month), in QuickBooks do I just journal the overall figure for each month OR do I need to journal each and every transaction? So 3x transactions vs approx 25 transactions? The overall aim is to ensure VAT on all the purchases is tracked in QuickBooks so I can include it in my initial VAT return. Thank
VAT registration from a set date within quickbooks how do sales feeding in from stripe/paypal work?
Hi, I want to know how I input the values from my MPIVS each month so that it adjusts the correct boxes on my VAT return. I do not have invoices for these amounts as the VAT has been postponed so do I do this as a dummy invoices using the PVA codes or do a journal instead? Thank you
