VAT
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There is no place to set VAT rate and sometimes I need 2 lines with different rates. Previously it all seemed to work automatically and produce VAT amounts from VAT inclusive input figures. Now it no longer does.
Hopefully I am worrying about nothing, but... I had made a note of what my VAT liability was for the quarter, and had just two entries in the Banking feed left to match. These were for expenses on credit cards and so had to be split between multiple sources, some with VAT and some without. After entering the split, of which over £100 had included claimable VAT on purchases for printing materials, I double checked the VAT repayment due, and it had not change one iota !?! This is obviously very concerning. Please can someone explain and put my mind to rest. Thanks in advance, Nick
Hi, So we have recently purchased a vehicle through the company and paid the VAT upfront. We paid £500 deposit 1st and then the VAT along with another 1,610 deposit. We will be paying monthly payments for it. Help!!! How do i put this into Quickbooks? We have Simple start (Ltd Company rather than self employed). So when I scan in the receipt it registers the VAT but the full totally is incorrect? Please help, thank you
Hi I only use quickbooks to submit VAT returns, so input invoices quarterly when preparing the return. We prepare on a date payment received, and an invoice for 31st April was paid in June and therefore falls in July return. However, I cannot edit the VAT to include this as an exception, or change the date of the invoice so it is in this quarter. Any help would be gratefully received. I'm also assuming I am unable to delete and re enter the invoice as it wont let me do that either. How do you incorporate the exceptions if thats the correct way to do it.
HelloI understand that QBO cannot handle the second hand goods margin scheme for VAT so I wondered what work arounds are being used in order to submit the MTD vat return?ThanksSharon
Due to COVID-19 the UK government has reduced the VAT rate on some purchases, e.g. restaurants. I understand this would also have to be applied to Purchases from EC Member States. There is a 20% "EC Goods" VAT rate and also a 0% EC Goods Zero-rated" VAT rate. There is no 5% "EC Goods Reduced" VAT rate for e.g. currently having a business dinner at a German restaurant. How can I create this? Thank you
Due to COVID-19 the UK government has reduced the VAT rate on some purchases, e.g. restaurants. I understand this would also have to be applied to purchases from EC Member States. There is a 20% "EC Goods" VAT rate and also a 0% "EC Goods Zero-rated" VAT rate. There is no 5% "EC Goods Reduced" VAT rate for e.g. currently having a business dinner at a German restaurant. How can I create this? Thank you
