VAT
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Hello everyone, I am using QB Desktop Pro 2018 UK. I want to create a new VAT code and associate it with a VAT item that's already created but I get an error message saying "Unable to add item to list". Clicking ok a new message appears saying "Quickbooks is unable to complete this operation and needs to restart. Quickbooks will restart automatically." Can someone advise what's wrong and how to fix it? Our company is a really small one and it's not like we have tons of transactions or items created in the system. Thanking you in advance.Eva
Hi there, I made the VAT adjustment on my first VAT return for purchases of supplies and services within the 6 months prior to registration. This has been noted in my banking records and journal as a VAT adjustment and as a payment. Following submission of my first VAT return, I received a refund for the VAT on purchases of supplies and services prior to registration plus purchases of supplies and services in my first quarter - which is what I expected. This VAT refund has been logged as a refund back into my banking records. However, because of the VAT adjustment in the first instance is logged as a payment - my QB banking record is not showing the same amount as my actual bank account. I'm confused as to what has happened here! Is there a way for me to correct this? I am hesitant to delete the journal entry for the VAT adjustment as a shortcut to make my numbers look the same on QB and bank account. Hope someone can help advise on this - thanks!
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Hi, I have just signed up for Making Tax digital and imported by files from my old quickbooks. However the VAT amount is incorrect. One of the issues is a lot of old unassigned VAT from 2016 and older. We are not due the VAT to HMRC and the accounts have been completed and submitted since then. How can I clear these unassigned VAT amounts as due to them being imported and not relating to the current VAT quarter I cannot adjust the totals shown. In case this make a difference our VAT rates vary from exempt, partial and full. Thank you.
I am trying to file my VAT return and the £30k bounceback loan is showing and I need to pay £4200 VAT, even though I have not made any sales in the VAT period. I am on the FRS VAT system, so cannot reclaim. Is this correct ?
Hi, Can someone help me on the above matter? I tried connecting reconecting and etc and it says i am connected under the settings but when i go to taxes bit it says i am not connected. Its a headache i keep having problems with QB and its very annoying. Thanks
Hi With the recent UK domestic VAT reverse charge it seems a big oversight that you can't allocate default VAT codes to a customer. Our customers will use the same items but the VAT requirements are different depending on each customer. This means the whole process of invoicing is very manual and open to error. I can't actually see anywhere in the customer form where you have allowed a field to record the customer's VAT requirements but it does need to be noted somewhere for reference as they are now different. The only way I have been able to work around this is to include a short note in the 'display as' area of the customer details (ie name then 'REV' or 'END') which then shows on the create invoice screen. Any other better suggestions welcome? This would be a MAJOR user improvement if this could be made possible. QB competitor software seem to have been able to integrate this change. Could you confirm this could be in the future plans for development?
In the help article you highlight that the sales invoice should:- Show all the information required on a VAT invoice (for example, VAT Registration Number, the date of service supplied and total amount due).Make a note on the invoice that clearly states the domestic reverse charge applies and that the customer is required to account for the VAT due.Clearly state the exact amount of VAT due under the reverse charge, or the rate of VAT if the VAT amount cannot be shown, but the VAT should not be included in the amount charged to the customer.Invoices for services subject to the reverse charge must include the reference ‘reverse charge’ according to the VAT regulations 1995. By selecting the correct vat code eg '20.0% RC CIS' does Quickbooks automatically populate the sales invoice with the correct information eg 'state the domestic reverse charge applies' 'clearly state the exact amount of VAT due under the reverse charge' etc etc
We are creating invoices using the API. We would like to override the tax amount for just one line item instead of automatic calculation. How to do that? Note: We have found this page in which a way is documented but we don't want to override the tax rate (because the same tax rate may be used on other lines), we want to override the tax calculation in one line only.
I have a sub-contractor who has gross CIS payment status and is VAT registered. How do I process their invoice through QB's? The invoice is dated 11.03.2021 so the domestic reverse charge legislation applies.
When processing a sales refund (expense) from a bank feed, you select Sales as the category and then 20% S for VAT. However, QBO then puts the VAT in Box 4 and the net amount in Box 7, despite it being a sales refund and going to a Sales category. Being a sales refund it should go in Box 1 and Box 6 as a negative of course. I have tried setting up a new tax code, but regardless, as it is an expense going out the bank, QBO then puts it in the expense boxes on a VAT Return. Whilst there is no overall impact to the amount due or from HMRC, the returns are incorrect if this is happening. QB support just says there's nothing that can be done, other than processing each refund separately. However, with a paypal or stripe account download - that's just not a feasable solution with a significant volume of transactions. I remember when you could select from the drop down "20% S Sales" or "20% S Purchases" on a transaction, but now, that option is no longer th
I need to record the VAT paid during customs clearance on an import from EU. The amount was paid directly by ParcelForce on my behalf. Then I got the invoice from them and paid VAT and custom clearance fee from my bank account to ParcelForce. How do I record it in QB?Thanks
We are registered for VAT under the flat rate scheme and our second return is due. When checking box 6 (Net value of sales) the figure there shows a value of about 20% higher than our actual turnover which already includes VAT (we are using QB Online). This wasn't the case when we submitted our first return. After more than a hour over the chat and SmartLook, we could not find the reason and the only suggestion was to make an adjustment on the VAT amount and to submit the return with the incorrect turnover figure, which is obviously unacceptable. We have been struggling with this for a while and the return is due in a couple of days, so any advice for anyone having the same issues will be much appreciated.
HiIs it possible in QB Online to add additional VAT numbers and make VAT returns in the EU adding another VAT Agency? Thanks for any helpSteve
