VAT
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I am using Payroll Advanced for a limited company and in the process of setting up payroll so two directors can pay themselves a salary starting this month. I have a couple of questions; 1. Under employee details I assumed the 'Start date' will be when they begin employment which would be the beginning of October 2020. Under the tax/NI section I assumed the 'Appointment date' would be when they first became a director. However, when attempting to input an appointment date earlier than the start date this was not possible. If I was to change the start date to when they were appointed as a director would HMRC not be expecting an FPS filing for every month from that date? 2. When inputting a P45 for one of the directors who was employed when the company was dormant, I am unable to put a leaving date later than the start date I have inputted for this new employment. Therefore again in relation to the above, I am unable to put the start date as the appointment date. Is it essentia
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Why is the return asking me for a verification number? I don't need to verify if they are gross rated?
Hi, Could anyone walk me through how to handle a recent VAT return not made through QB. I started using QB after my first VAT return. My VAT return is being paid by direct debit on 11th November. What do i need to do to clear the VAT control account?My VAT control account has a smaller amount than the VAT that I actually paid, how do I handle that? Thanks
Correct VAT Codes for Trading with Europe Most of our suppliers are European based and most of our customers are in the UK and Republic of Ireland. However, we also have an unusual situation where I need some help please. First, can you please confirm the following assumptions are correct: Purchases: When we purchase goods from a UK VAT-registered supplier, the VAT code that we should use is S (Standard VAT). This is reclaimed from HMRC. When we purchase goods from a European VAT-registered supplier, the VAT code that we should use is EGZ (European Goods Zero rated). No VAT is charged / reclaimed. When we purchase goods from a non-European supplier (i.e. China, Thailand, etc.) the code we use is O (Outside the scope of VAT). Sales: When we supply goods to a UK based, VAT-registered customer, the VAT code we should use is S (Standard). The customer will claim the VAT back in their VAT return, and we pay the VAT portion to HMRC. When we sell goods to a Europ
We are a holiday letting business using QB Desktop Version and are on the Flat Rate Scheme. There appears to be a problem reporting VAT where temporary VAT rate is 5% and Flat rate is 0%. Credit notes appear to be ignored.I spoke to support and they told me to:Raise Credit notes for all the sales invoices (invoiced at 20%) that would be eligible for the new 5% VAT Rate from 15th July to 12 Jan 2021Added new “C19” VAT rate at 5%Changed VAT Flat rate from 9.5% to 0%Copied old invoices and changed VAT rate to “C19”When I run a VAT report for last VAT period it show £0 dueWhen I run a VAT report for current VAT period it show £0 due (think this should probably be a refund)To add to the complication we also raise a few invoices that are not eligible for the reduced 5% and remain at 20%I spent nearly 2 hours with Support yesterday and it is apparent that they do not understand the new VAT Regime. I had previously been asked to send a link to the new legislation which I provided.&n
About to file our vat 1/4 and noticed income is more than we have taken. Have managed to remove all the vat I was going to have to pay on the transfers but can’t change from deposit to transfer. I’m the main user
