VAT
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Hello, We have recently started working on Quickbooks but the company is active and filing VAT from June 2019. Now since we have imported all historic bank data we are struggling with a few things and would need help with. We would have open VAT RETURNS from June 2019 but under the TAX/VAT tab in QB, it is only showing from March 2020. How can we access the OPEN VAT RETURNS from June 2019 so we can MARK THEM FILED and RECORD/MATCH THE PAYMENT? (WITHOUT MTD) Any help or link would be much appreciated.Thanks
Hi, I am confused. Anybody can help with this? My situation is as follows:My VAT accounting period is 1 Jan – 31 March. In March I paid a deposit invoice for goods purchased from EU, applying the suggested 20% RC MPCCs code. My VAT figure is beautifully shown in boxes 1, 4 and 7. But.. the goods will be shipped only in April, when they going to be cleared at the customs and VAT will be applied. And I will get Postponed VAT statement only in the beginning of May. So, in my understanding, completing my VAT return (period 1 Jan – 31 Mar) as it is, import VAT figures will not be correct, as Postponed VAT statement from HMRC for March will not show any postponed amount. Please help !Thanks.Inga
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I am reaching out to solve an issue I have with unpaid sales invoices being included in the VAT return for this quarter. Method of accounting is cash, the invoices are unpaid, no cash has been received for the settlement of the invoices - logic dictates that this is not yet a sale so should not be included in box 6 of VAT return. I have recently taken over the role and believe some errors in previous transaction recording exist. Sorted it myself .....
I will be using QuickBooks from 1 April 2021, the start of my company's financial year. I have the following VAT returns due: *quarter ended 28 Feb 2021* month ended 31 March 2021 (I've changed reporting date to coincide with financial year end cadence). Can I use QuickBooks to file MTD VAT returns for these two periods, or only for the quarter from 1 April 2021?
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Last year I had to account for a couple of imports from the EU, and used the code 20% ECG. From your pages this should show in the VAT detail report as:+/- VAT at 20% to Box 2 and 4+/- Net Purchase to Box 7 and 9.However I just checked this and it only seems to have posted to box 4 and 9. Is this an error in Quickbooks?
Hi. A client is using Google Adwords and makes payments to Google in Ireland. The invoices from Google show VAT at 0%. I believe these invoices are subject to the Reverse Charge basis. How should they be recorded in QB so the VAT is properly shown?
I'm having problem with understanding if we should pay VAT in the EU ot get 0% VAT invoice: We buy materials (linen) in the EU which are then sewn into kitchenware, so the commodity code changes. Since UK left EU I understand that we pay VAT in the UK, but the linen supplier says they need to charge VAT already in the EU since the goods code changes. Are they correct? Thank you.
Hello all, myself and a contractor I work for have made a mistake on the invoicing of a job. I sent a normal invoice to the person I do work for with 20% vat as normal , then he has paid this Invoice. We thought he was the end user which he is not it is the householder. He has asked me to send the vat back to himself as I am in credit with his accounts. Is this possible to do with quickbooks and if so how? Thanks
Hi wonder if someone can help me, I’m going round in circles here. I have an import invoice from a UK Freight Forwarding company, with a UK VAT Reg Code, for an item imported from Germany. The invoice lists admin costs, duty etc. but there is one final line on the invoice with an amount of £151.71 and the description “Import Tax”. There are 3 Tax Codes listed, A, B and C. The admin, advance funds and additional customs tariff postitions costs are listed with tax code A, the Duty is listed with tax code B, and the Import Tax is listed with tax code C. In a box underneath, it states Tax Code A has % Tax 00,000. Tax Code B has % Tax "ZOLL" and Tax Code C has % Tax "EUST". So I know EUST is the German VAT code, but if that's the export tax, I'm confused as to why it's appearing as an Import tax on this invoice? My question is this. Obviously we have to pay the full amount of the invoice but if I use the PVA 20% get-around idea with tax code 20%RC MPC
Have mixed expenses for this financial year, so VAT is being deducted from those reconciled since registering, some are not. So P&L report is out.
Am struggling with the P&L for my end of year. VAT reg started this week, so now I'm having to reconcile any unreconciled bank transactions with VAT. This means the P&L now has a mixture of VATed and nonVATed expenses in the list. So, is there a way to present the P&L inc VAT, to overcome this issue? Any tips gratefully received. Cheers,
Hi All I'm struggling with having two separate templates now that we need to invoice under the CIS reverse charge VAT scheme AND invoice as per normal with other customers. Has anyone been able to successfully do this? I've tried with creating a template in word but surely there must be an easier way now that we have to have different messages on different invoices. Any help gratefully received. Thanks! Ursula
Hi, I am a VAT and CIS registered subcontractor and work for a larger contractor. We also use subcontractors that are VAT and CIS registered. Can someone help with how I will invoice for works completed from 1st March 2021 to ensure that my books are correct, also how I allocate payments made to subcontractors please? Sorry if this is a bit vague but fairly new to quickbooks
Found out today that if you use the Cash Accounting Scheme to do your VAT that any Construction Industry reverse charge monies you owe to HMRC has to be added to the Vat Return Manually !!!! i only Know this because the amount of vat i owe for this quarter did not alter when i did my first subcontractor payment this morning so was looking to see what i had done wrong then i read that if you use Cash Accounting you have to add it manually or change to standard accounting for your VAT as i can wait 3 months for payments this is not an option , but how many people that do cash accounting in the construction industry are actually aware of this .... i certainly wasn't informed.... what are the chances that some people that have had no reason to delve into the help pages are going to underpay there VAT next quarter ..... COME ON QUICK BOOKS This needs sorting i shouldn't have to do half the job myself that's what i pay my subscription for I'm seriously thinking of moving els
Hi there, My son has started a plumbing business and I am a partner. I have paid for everything from my personal account including a vehicle, Invoices are made out to the company. How do I record these entries and can the company claim the VAT on these invoices if I have paid for them? We are VAT registered.
Afternoon, Our business is subject to both 20% CIS and now the VAT Reverse Charge. On our invoices- we would usually put CIS Labour Standard (20%) and then 20% VAT. Am I correct in thinking I now put CIS Labour Standard (20%) and then 20%RC CIS in the VAT column. This shows up as £0 VAT on the invoice, where as I thought it would display the VAT just not add it onto the total payable. (Like it does when we create bills from our subcontractors using the reverse charge). Do I have to put the VAT amount in the "message" section on the invoice as I have read in other posts? And by using the 20% RC CIS code, even though it is not shown on the invoice, is it still accounted for in the VAT Return? Many Thanks
