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KW60
December 8, 2019
Solved

VAT Partial Exemption

  • December 8, 2019
  • 1 reply
  • 0 views

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

Best answer by Ashleigh1

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.

1 reply

JessT
JessT
December 8, 2019

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.

M
Modern Taxation
April 2, 2020

I now have this issue

A
Ashleigh1Answer
April 2, 2020

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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