VAT
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How do i record a vat refund from hmrc. I receive a cheque, then put this in the bank. How do I record this? I have not used quickbooks for filing a vat return.
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Please can anyone tell me if the VAT quarter dates can be changed once set up? long and complicated to explain why but they have changed ..
Hi, I'm looking for an explanation of each of the following VAT codes please: 20% ECS - EC Services Standard0% ECS - EC Services Zero0% RC - Reverse Charge Zero20% RC SG - Reverse Charge Services For example, what is the difference between 20% ECS and 20% RC SG? I understand net purchases & 20% VAT go in the same boxes for both. If anyone can give examples for each category that would be great. Many thanks
I can see that even though the system is set up for flat rate vat, standard rate vat inputs and outputs are posted to the VAT control. At the end of the quarter the flat rate vat is posted to VAT suspense and an adjustment is made to VAT control for the "savings by FRS". I expected this figure to be the inputs plus the difference between standard and flat rate VAT, so clearing the VAT control to zero but it isn't! Can anyone enlighten me as how this process works please?
I have created x2 journal entries to reflect that I cannot claim the VAT back on fuel payments for the personal %age use of business owned vehicle last tax year. Although the entries are included in the account histoiry of the VAT control account, they are omitted from the VAT 100 report, therefore reducing the VAT that I actuallu owe
Which dropdown do I use to record the VAT payment that has gone from my business account; VAT expense, VAT Control or VAT Suspense? Many thanks!
hi guys does anyone have a easy step by step instruction on how to reconcile my annual vat ? there doesnt seem to be a tool for it on qb online .. or am i missing something.. i have about 200000 entries for the year and my accountant has said that they can reconcile it but will charge hundreds !! i have all the quartely return info and payments obviously in qb but i dont understand how it is reconciled.. presumably the purpose is to check that nothing additional has been added or removed which would skew the vat reurn quarterly figures ? thanks loads karen
Today I tried to file my VAT return online, but for the first time was unable to do so.All I'm getting now is a dialogue box saying:"Authentication failure. The supplied user credentials failed validation for the requested service." All credentials are confirmed as correct. It's just stopped working. I'm using Quickbooks Premier 2015, and there has been a suggestion that when Intuit ceases to provide product support for a particular version under their sunset policy, the online VAT filing will cease to work. But surely this can't be right. The software is the same software, and the online filing doesn't go through Intuit's servers; it simply connects directly with HMRC. Hence the VAT filing should continue to work regardless of Intuit's lack of product support. Furthermore, while Intuit's sunset policy pages do indicate that this version won't support the new 'Making Tax Digital' protocols from April 2019 onwards, there is no indication that the current filing
Can Quickbooks help with this?
