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KW60
Dec 8, 2019 2:27 PM UTC
Solved

VAT Partial Exemption

Are Quickbooks Online planning to introduce the ability to prepare Partial Exemption VAT returns without the need to manually adjust?

Ashleigh1Answer
Apr 2, 2020 3:36 PM UTC

Hello Modern Taxation, 

 

So QuickBooks online doesn't directly support partial exemption VAT returns. However, you could input the transactions into QuickBooks with the standard VAT codes and then do an adjustment (however we advise that you seek advise from accountant to establish if this method is acceptable) or you can do the calculation outside of QuickBooks using Excel and use the bridging tool on HMRC website to submit the return to HMRC in accordance with MTD.

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3 replies

JessT
JessT
Dec 8, 2019 3:43 PM UTC

This could be a nice feature, KW60.

 

I will let our engineers know about automating the adjustment for Partial Exemptions. If you have other ideas to share, please don't hesitate to post them in the Community.

 

We're just around if you have other questions in mind.

Modern Taxation
Apr 2, 2020 12:36 PM UTC

I now have this issue

Ashleigh1Answer
Apr 2, 2020 3:36 PM UTC

Hello Modern Taxation, 

 

So QuickBooks online doesn't directly support partial exemption VAT returns. However, you could input the transactions into QuickBooks with the standard VAT codes and then do an adjustment (however we advise that you seek advise from accountant to establish if this method is acceptable) or you can do the calculation outside of QuickBooks using Excel and use the bridging tool on HMRC website to submit the return to HMRC in accordance with MTD.

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