VAT
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Hi there,I'm pretty new to running my own business and book keeping so apologies if this is a bit of a basic question. I filed my end of Feb VAT return last weekPaid HMRC from my business bank accountI can see the amount decrease from VAT control, increase in VAT suspense and then VAT suspense is zeroed through the VAT payment The problem I have is that my business bank account is showing a balance higher than is real which is equal to my VAT payment amount. I see a generated VAT adjustment on 28th Feb which is depositing the net VAT payment amount into my bank account. I'm not sure why this is happening and the system won't allow me to delete it. Any help gratefully received.
I need to pay 20% on the sale of a vehicle at it's over £2000 but use Flat rate Scheme on all other invoices. How do I differentiate this on the VAT Return?
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Hi, I'm new to Quickbooks so please be gentle! Many of my expenses receipts have standard and exempt VAT items on the same receipt- e.g. a receipt for hot and cold food at a service station. When I see these transactions on my bank feed it seems the only way to enter the correct VAT amount on QB is to split the transaction and enter the totals for VAT and non-VAT items separately. Problem with this is it's very time consuming- I have to manually work out the totals before VAT with a calculator. Not what i'd imagined when signing up to quickbooks! Is there a quicker way of doing this? How do other people approach this? Thanks in advance. Matt
I have purchased an asset costing £14500. i have created a bill and clicked on reclaim VAT button but the purchase or the vat refund are not showing on my vat return.
I am trying to submit my VAT return digitally for the first time. We are a small and simple business that does not require most of the functionality of QuickBooks but have shoehorned us into the product because of MTD. We are on the Flat Rate scheme and pay 7.5% of revenue. The amount that QuickBooks suggest I need to pay is significantly higher that I think it should be! It seems that 20% has been added to my turnover figure before calculating the 7.5% payable which has put my VAT bill up by about a third. What have I done wrong in recording my sales to cause this to happen?
So Business Partner is aware of the issue but when working late it seems to lapse back (on quotes & invoices) so we are loosing money. I'm not in the office all the time so me doing the invoicing isn't an option either. Is there an option to make it so all prices or data entry is a NET value and not a Gross figure. Some of our clients are very understanding and have paid the difference but some we have lost money on. TIA
We used a software that posted all April sales using No VAT code. As a result both box 1 and box 6 of VAT100 are 0. How do we make several (not hundreds) adjustments to split all No VAT sales into box 6 (total value of sales excluding VAT) and box 1 (VAT due on sales)? For instance right now we have 12,000 GBP in No VAT sales. We want 2,000 GBP to show up in box 1 and 10,000 GBP to show up in box 6.
