VAT
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VAT Threshold currently £85K. Client is around £ 80K mark and wants to be careful raising invoices. Thanks in advance.
Also, is there a code to use on our invoices if we are the supplier so that no vat is charged but the vat rate is shown and it states "reverse charge applies"? The code RC SG will not appear on invoices, only supplier bills?
HelloI was wondering if QBs will be creating new VAT codes for the reverse charge for construction, for sales invoices and supplier invoices. I received notification of the new EU codes which I assume took priority as the start date for that was earlier. But we are not far off the 01-Mar deadline for this reverse charge change.Thanks.Paula
I import goods from the EU. My customs agent has handed me an invoice for the clearance along with the "Postponed VAT" which I need to declare on my quarterly VAT return. I have tried creating an expense by doing the following but I always receive the same error: "You must specify a transaction amount that is 0 or greater". 1. Create expense.2. Type in the category and description.3. Type in the value of the goods "X" (exc of VAT)4. Apply tax code PVA 20%5. Below type in -"X" (the value once again) 6. Apply 0% VAT on the -XI hit save and close but am unable and I am presented with the error mentioned above. Any help would be highly appreciated. Many thanks, Dan
I have spoken to QB who have told me the usual clear history etc, it still isn't working. My accountant is able to log in as me and access the VAT tab. Does anybody have any ideas what I can do? It's causing problems.
Hi,I'm a UK VAT registered company. I am going to supply my products to an EU VAT registered company in the Republic of Ireland. What VAT code should I use (in QBO) for both the product and carriage, to ensure that my next VAT return has the information in the right boxes? I think I should use 0.0% ECG, but it could be 0.0% Z. I do know that the supply of goods should be zero VAT, but I'm unsure if it's effectively a recharge, or zero-rated.Anyone got any ideas, Quickbooks support information seems a little thin on post-Brexit stuff.
Hello, If we sell two items to a US customer, please could someone tell me the correct QBO codes to use? The items would be licenses to use a products, and some physical items. So two lines on the invoice: licenses and servers. Thank you.
