VAT
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What VAT code does a subcontractor use when posting his DRC invoices on QB's, zero or No VAT?
VAT got set up on my quickbooks account by mistake. The business has never been VAT registered. I have tried to remove it, following these instructions:Log into QuickBooks Online.Click the Gear icon in the top right hand corner.Select Account and Settings.Click Advanced from the left hand options.Under the section Accounting click the edit icon.Change Default tax rate selection to No VAT.And then also via the VAT settings page, and turning off the the MTD.Nothing seems to work, and quickbooks is still opening new VAT returns in the VAT page. I have contacted intuit's phone help, and the guy took me through those steps, and seemed confused, and said there's nothing he can do.Surely it's possible to stop this happening?
I have a question regarding the EU import VAT in France that we have to pay now for our imported goods in France as we have not got our French VAT yet. According to our accountant we will be able to reclaim the French import VAT once we have got our French VAT. How do I record the French Import VAT element that can be recoverable later in QBO? Thank you
Confused about post Brexit VAT codes and entries... QB Desktop Premier 2021. We have imported goods from USA for years - the supplier invoice is entered (in US$) with VAT code E (0%). We pay VAT and duty to air air shipper on arrival - VAT amount gets posted to box 4 . We claim back in VAT return. Net Zero.Nice and simple. Post Brexit - I had assumed goods coming in from EU would be treated the same way - but so far we have not been presented with any VAT bills on arrival. I assume all the importers assume we want to do the postponed VAT thing (I would rather not thanks).I am entering my suppliers bills also as VAT code E (0%). So purchase value is recorded in total net purchase value on VAT return - box 7. But nothing in any other boxes. Now I got (2 months after it arrived) a document today from FedEx for the VAT value on one shipment from France - nothing to pay but presumably I have to account for this? Seems all
Hi,I have my Postponed Import VAT statement from HMRC and need to include the amount due in my Q1 2021 VAT figures. Does anyone know how to record it so the amount appears on the submission as anything I found so far does not actually add this to the VAT records? We are on Flat Rate VAT so the Import VAT is payable.Many thanks in advance. Monika
Has the problem of drc invoices not showing in vat return until they have been paid when on cash accounting been resolved yet? My first return that includes drc invoices is the quarter ended 31/3 and when I ran the vat report this morning the only ones that appeared were the ones which had been paid. The ones which are outstanding but have drc vat on were not included when they should have been. Am I going to have to adjust my vat return to include these invoices and then remember next quarter which ones have been included in this quarter? Or has the reporting of these types of invoices been corrected? If not WHEN will they be correct? Surely this should have been sorted by now!?!
HelloI have followed the instruction sheet to enter the DRC VAT codes correctly for Desktop.But when I enter a Subcontractor Invoice is adds the VAT to Box 1 and Box 6 as debits. Should not one of them be a credit to cancel each other out or am I being a bit stupid!! I have double checked I entered the Codes correctly. Many thanks
Hi, we are a construction company and urgently need to know when there will be a code for Domestic Reverse Charge VAT. We use Quickbooks Desktop and need to set everything up before 1st March. I cannot see why it is taking so long, you say in previous messages that it will be ready for QBO but not sure for desktop, this does not seem loyal to all of desktops users who pay to use your services each month. How are we going to complete VAT Returns and keep accounts correct without this VAT Code?
Hi, I have set up Domestic Reverse Charge VAT Codes in Desktop, but when I go and look at VAT Return it has entered the Purchase Invoice with the CRS VAT Code in Box 1 on Return and also in the Box 4 on VAT Return, so it is adding it in twice. Is this correct as it does say -20% but adds it on. Can anyone help as I need to send VAT Return this week. I have checked and double checked but I have entered as stated by QB. Many thanks in advance.
I have made a VAT payment to HMRC, the payment transaction is currently sat in the "for review" section in quickbooks. When i record the payment in the taxes section it wont match to the transaction in the review tab because i over paid by £1.16 so the amounts are different. how do i get them to match? Quickbook helpline didn't have a clue and told me to contact HMRC. The "find match" options doesn't find it either. I was thinking of excluding the transaction and then adding one of the same amount of the VAT payment and then adding the extra £1.16 as an over payment, if this will work what is the best way to do it?
Hi all,I have only just started using QuickBooks so I am slowly finding my feet.My current problem is that I buy items at auction and the VAT is only on the buyer's charges and not the full invoice amount. Here is the breakdown of one of the invoices...Hammer £360.00 Buyer's Premium £82.08 Buyer's Charges £17.83VAT on Buyer's Charges £3.57Invoice Total £463.48 I have been told to find the transaction and then split it but the amounts do not seem to work (screen shot attached). Am I doing something wrong here?Thanks in advanceMark
I am trying to file my VAT return for 1st quarter 2021. Quickbooks is telling me I owe double the amount that I actually owe. I paid the VAT for 4th quarter 2020 via DD, but when I look at prior VAT returns the one for 31st December 2020 isn't there. So, it looks like Quickbooks thinks I haven't paid Quarter 4 2020 but I have, and via Quickbooks. What should I do? Many thanks, Sarah
