VAT
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We have received a cash R&D tax credit from HMRC, which we claimed this year back from the two previous tax years. How should that transaction be added? Should there be a new account created for it in Chart of Accounts?
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We are a UK business purchasing the services of another UK business. We pay a few subcontractors for work the do fairly regularly lately. They are categorised as CIS sub-cost of sales. I am unsure whether this would be 20% ECG or 20%S. Can anyone provide more clarity?
I have already entered all purchases as well as sales,but at the TAX it shows the VAT on sales only.It doesn't show the purchases VAT amount in there.so what can i do for that.........?
Hello, In the transition to MTD made a VAT return and paid it. I hadn't realised that HMRC had also taken the same amount vis direct debit, so my VAT account with HMRC was in credit. I entered the accidental payment as a 'Cheque' payment, allocated to a 'Miscellaneous Expense' account. I have filed my most recent return and because my HMRC account is in credit, they are reducing the amount they will collect using the direct debit. That's fine, but when I go to record the DD payment within QuickBooks I am not seeing an associated 'Credit' which I can use to offset the amount owed. It is only allowing me to record the full transaction amount. How can I tell QuickBooks to use this credit balance to help pay for my VAT bill? It doesn't seem to work as one would expect with a regular supplier. Thanks, Angus
Hi, I hope someone can help with the issue I am having with QuickBooks Desktop Pro 2019. I ran the VAT 100 report for the period 1st April 2019 to 30th June 2019 and it stated "VAT Amount not assigned a line on your VAT return £853.40. This is the box 5 balance of the previous VAT return. Having looked at the journal for the previous VAT return I noted some strange entries: What should be posted to Box 4 seems to have been moved to Box 2 and what should be in Box 1 just states Box NONE. I've been back through the transactions to check the VAT codes and all are either Z, R or S as per normal. I have checked the transaction modified date to confirm nothing was changed after the VAT was processed and nothing was changed. I've also checked all the journals, again ok. I can't find a help page that covers this issue, does anyone have an idea of what else I should be looking at? Many thanks in advance. Nathan
Can this be done in QBO, for example in the case where too little VAT was paid previously in error? The Box 1 adjustment option seems to assume the entered value is gross, but all I need to do is adjust box 1. Is there a way to do this?
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