VAT
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Hello,Which VAT code should be used to record purchases from outside EU purchases ? If I use 'No VAT', then the value of purchase is not included in Box 7. Is it ok to use 'Exempt' or 'Zero Rated' codes to get the value included in Box 7 Thanks
We are looking at changing from desktop to online (and adding Method CRM).I'm currently trialling the online version and have noticed that for each order line entered, I have to manually enter the VAT code, whereas with the desktop version this information is pulled through from the customer / supplier centre.Is there any way of having the same option in the online version?
Hi. As of 1st April 2020 client moved to to cash VAT accounting from standard accounting. I've posted 2 adjustments each VAT qtr end to removed trade debtors as of 31st March 2020 that were paid in the quarter because VAT was filed and paid already in Q1 2020. I followed these instructions:https://quickbooks.intuit.com/learn-support/en-uk/audit-log/adjust-your-vat-liability/01/239374However, I have an issue, where I clearly don't understand how QB works, or QB can't handle this scenario (unlikely). When the adjustments are posted it debits VAT control and credits the income account your are asked to create for this purpose ie an adjustment account. I now have the correct VAT balance ready to file, but an unwanted balance on an income account which doesn't belong there... Its not P&L, nor is is an asset or liability as its not due to any one. It seem the VAT control logic is driven by date and when the change from standard to cash
Hi,We deregistered for Vat starting 1st October 2020. My question relates to Cash Accounting and sales invoices that were posted in QB with a date before October but were paid after 1st October. Should I edit these invoices to show no VAT?Thanks in advance for any help received.Angie
Hi Can anyone tell me which tax exempt code to use for government loans taken out because of Covid? Thank you.
My FRS VAT % has reduced from 12.5% to 4.5% from 15/07/2020. My quarterly VAT100 is from 01/05/2020 to 31/07/2020. If change the VAT % to 4.5% in the setting, will the whole quarter turnover VAT tax be charged by 4.5%? Need help.
I am a complete beginner with Quickbooks online and have the essentials plan. I run a small bed and breakfast and have software called Eviivo which I use to take payments and raise invoices etc. Therefore I don't wish to raise invoices with Quickbooks. I signed up to Quickbooks because I now have to Make Tax Digital. I am completely lost. Is there a way I can just upload invoices that I have been paid for (over the last 3 months) and mark them as paid?
We will submit our fourth quarter return under the flat rate VAT scheme at the end of this month. To date this year (Q's 1-3), I have paid HMRC VAT at the 14% rate for Management Consultancies. However I now realise we should have classed ourselves as a ‘limited cost business’, which means we should have been paying 15.5% (16.5%, less our 1% discount) for our first 12 months on the Fixed-Rate scheme. The VAT collected in Q4 amounts to £4,396.11 at 15.5%. I have changed the rate for my next return so that Q4 figure is correct. However I now need to make an adjustment to the same return to allow for the underpayments in VAT for the prior three quarters. On the basis of my calculations the underpayments work out at: £262.94 for Q1£507.99 for Q2£489.60 for Q3Total: £1,260.53 for Q1-3I will then need to deduct £135.72 in unclaimed fixed asset expenditure resulting in a total adjustment of £1,124.81 I have attempted to make the neces
Back Story, I should have been VAT registered from Dec 2018, so I managed to work through it and set up QB in May this year. So we edited the numbers and this inputted the amount of VAT owed for period Dec 18 - May 20. I emailed some customers that are VAT registered to see if they would back pay the VAT so that I could try and reclaim some of the money, they agreed and I sent them an invoice, these was dated March 2020 but paid in July and August. Over 2 of my VAT periods and the system has counted these into the total balance for these periods when in fact this is VAT from Dec 18 - May 20 which I had already included. So I have paid this twice. Is there a way to edit this in the current period to reduce the amount owed? I know there are options to make manual adjustments before submitting just checking that this is OK and also if there is a method to do this on QB to keep the accounts in order.
Hi,Is it possible to simplify creating invoices, by automatically populating the 20% VAT on each line without having to select the VAT from the dropdown list.?Some of my invoices have many lines of items which I find particularly laborious selecting 20% from a dropdown list at the end of each line.Surely it is possible to automatically generate 20% VAT on each item.Thanks
