VAT
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Hi,I'm the director of a new company which has no assets or balance in the bank account. I'm paying for subscriptions and various company-related items with my personal money, and listing these as non-current liabilities "due-to-ymorar", as I don't know when the company will be able to pay me back. However, I was wondering if I could claim VAT back on these purchases, given that it is a loan? I am VAT registered.
Spent hours in online chat trying to sort this out. There was some kind of update run on the Banking page in QB online sometime last week(?) and it appears it has removed all the purchase VAT codes that we had been using before (that appeared in all our previous VAT returns as Purchases listed as SP20) and unilaterally reclassified them all as SS20 instead. The pending VAT report now contains no transactions described as VAT reclaim on purchases. QB have suggested that we need to reclassify all these entries manually as we set the code up I can categorically say we did not it came preloaded in the drop down list. Please can anyone help as this has made a total mess of our VAT records.
Hi We are a small charity with 15% revenue created from trading services, so 15% of our income has VAT applied, rest is exempt ie all Donations or Grants. We had to register for VAT and opted for a FRS scheme. Rate we are on is 6.5% At the moment when I do the vat return QBs Vat's section multiplies this 6.5% rate to most of our Income rather than only the traded income.. can anyone help with this query?.. so say last quarter we collected £250 in Vat yet our VAT bill was £9.5k. Does anyone know what is going on? Any help will be great. Jay
HELLO,I HAVE A SERIOUS QUESTION..WHEN CREATING PURCHASE ORDER OR INVOICE I SEE FOLLOWING AVAILABLE FIELDS.DATE, QTY, PRICE, AMOUNT, VAT%..THE THING IS I WANT TO SEE VAT% IN AMOUNT AS WELL. HOW CAN IT BE DONE.AS MY BUYER WANTS TO SEE HOW MUCH VAT HAS BEEN ADDED TO A SINGLE PRODUCT ITEM.IF WE CANT SEE THAT PLEASE LET ME KNOW ANOTHER WAY OF DOING IT.THANKYOU
HELLO I WANT TO CREATE SALES TAX MANUALLY AS QUICKBOOKS DOES NOT SHOW % OF TAX IN AMOUNT FOR EACH TAX ITEM SEPERATELY I.E I CANT ADD A NEW FIELD COLUMN.Now please listen:For Sales:1. i created a Tax liability account and linked it to sub ledger (VAT Control).2. I linked my sales income account to that Tax liability account created manually (ST20%) so that all sales tax related transaction go there.3. when i open my Tax liability report I see this amount on that report.Now for Purchases:1. I created a non stock inventory account as suggested by you.2. i have to linked it with a purchase account as it wont let me save it without it.3. While making entries I see it is taking this account as an item or quantity and not as tax liability as done in Invoices.PLEASE PROVIDE SOLUTION FOR THIS SO THAT I CAN BE SATISFIED FROM BOTH END AND CAN MANUALLY ENTER THE % IN AMOUNT SO THAT I CAN GIVE THAT TO MY CUSTOMERS AND SUPPLIERS. FOR PURCHASES AND BILLS I AM FACING THIS ISSUE.
Hello,I am facing a serious issue right now.I want to see itemized VAT Amount of my products.Currently when you create purchase order or a sales invoice we see...Qty per Unit Amount VAT%What I want isQty per unit Amount VAT %( Itemized Amount) Grand Total.
Hello, Our business is set up on a flat rate scheme at 13%. When inputting our purchases on Quickbooks, do we need to record VAT on payments? Advice would be much appreciated!
Hi i am getting confused by the codes on my VAT reports. What is ECPSZR/ECPGZR/ECZP/ES?Also why do I keep getting supplier invoices appearing in box 1 and box 6ThanksJan
How do you turn off a VAT rate in the mobile app, we have a client who is using the mobile app for QBO and keeps using the EC codes by mistake. we have turned them off on the computer version but they are still there on the app and he keeps using them, is there a way to turn them off for the app so they no longer appear under the "what is the tax" option?
