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Nanothump22
July 26, 2024
Question

VAT code not showing Box 4 VAT Return

  • July 26, 2024
  • 1 reply
  • 0 views
I have a VAT Rate with Tax Name 'TEST', 20%, Expense Account, Net Value of Purchase, rate is active. None of the transactions using this rate appear in BOX 4 on VAT 100 summary. Instead, they appear in Profit & Loss under HM Rev & Customs (VAT) Expense?

1 reply

M
MirriamM
July 26, 2024

It's nice to see you posting here in the Community forum, Nanothump22.

 

I can explain why the transactions you've configured with a VAT rate are not appearing on Box 4 of your VAT Return.

 

Box 4 on the VAT return includes the VAT reclaimed on imports accounted for through postponed VAT accounting within a specific period. The reason the VAT rate you've set up is not showing on Box 4 is because it was set up as the Net value of purchases, so it will show on Box 7 of your VAT 100 report. You're also correct that it's posted on the Profit and Loss under the HM Revenue & Customs (VAT) Expense.

 

To ensure that your transactions are posted to the correct boxes, I recommend reviewing the VAT rates you've set up. You can also consult with your accountant to ensure compliance.

 

Once everything is sorted out, refer to this article for guidance on filing your VAT return: File your VAT return and record VAT payments in QuickBooks Online.

 

Feel free to keep us updated if you require further assistance with managing your VAT returns. We're here for you, Nanothump22.

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