VAT
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I have recently registered for VAT, and am awaiting HMRC to finish processing my application. Whilst waiting, I want to get my accounts prepared for my first return. However I can't get past the "enter your VAT registration number". I want to get the figures into the system and also explore how it all works. Does anyone know how this can be done, or if there is a workaround?
Hi,I'll try and explain this one as best as possible, here goes:In August I paid an outstanding VAT balance to HMRC, let's say this was £500 to keep it simple, I paid the day before it was due. I then did a VAT return for September and they owed me, let's say £600, however my payment crossed with their payment so they only paid me £100 as they thought I owed £500.So:August Payment due £500, paid £500September Refund due £600 received £100 They have realised and the next time I needed to pay them again they reduced my payment by £500 but I can't get it to match up in Quickbooks! I have 2 outstanding balances in Quickbooks, one which shows they owe me £500 and one which shows I owe them £500, is there any way to offset these against each other in the VAT / Taxes section? I'm not sure the above makes sense when I read it back, but put simply I've made a payment to them and they thought I hadn't, but when they di
HiNot all my receipts have VAT details on them, how do I know what to allocate? (I'm asking for VAT receipts moving forward :) ) Thank you inadvance
I am very puzzled that when I submit a VAT return to HMRC, the VAT control account in the Chart of Accounts is increased by this filed VAT amount. The control account therefore never goes back to zero
Hi My partner and I run our own used car sales business and have recently hit the VAT threshold. I have registered for VAT and will be using the margin scheme on the MTD 'making tax digital' HMRC software. Today we have been calculating our margin scheme VAT on each individual sales receipts which seems to have worked BUT only where deposit are not involved. We often receive bank transfer deposits to hold a car followed by the final payment a few days later, meaning we then have two separate sales receipts and bank feed transactions for the same car. This has been fine up until now but now that VAT is involved I am clueless. I thought it would be best to not add VAT to the deposit receipt but that is where my knowledge it ends. I thought about adding the deposit figure into a new line in the Sales Receipt but this doesn't work either as it affects my sales records and also wouldn't match my banking feed. For e.g. I have two bank transfers
Hi, I have a limited company, it is NOT VAT registered however I am trying to add bills which have VAT on. How can I show VAT on a bill on QB without turning on the taxes feature? I have tried doing this but it asks for when I will be submitting VAT returns, VAT no etc which I don't have.
Hi,I have just registered as a Sole trader as well as voluntarily for VAT.However, I purchased a computer for the business several months before officially setting things up, and from my personal rather than business account.Can I still claim this as a tangible asset and/or claim the VAT back? As you can see, I'm new to this and at the very beginning of my self-employed journey!Many thanks,Annabel
I have recently had to restart my accounts with quickbooks and have previously filed VAT returns on my old quickbook account. I have filed one VAT period on my new quickbook account, now I am trying to do my accounts for the last financial year (6/4/19 - 5/4/20) but my VAT now has £1000's of exceptions ( these are all payments made prior to the current VAT quarter and have been accounted for on previous VAT returns (which unfortunately are not on my new quickbooks account). How do I get rid of these without messing everything up?
