Lets do it one bit at a time, also please use manage vay so you can see the posting which helps explain it all.
- Purchases:
-
- When we purchase goods from a UK VAT-registered supplier, the VAT
code that we should use is S (Standard VAT). This is reclaimed from
HMRC
Correct
- When we purchase goods from a European VAT-registered supplier, the
VAT code that we should use is EGZ (European Goods Zero rated). No VAT
is charged / reclaimed.
Correct in QB 2014, older versions used EGS
- When we purchase goods from a non-European supplier (i.e. China,
Thailand, etc.) the code we use is O (Outside the scope of VAT).
Correct for Purchases when entering the bill it is code O but remember that the Vat paid on import related the bill is code S
- When we supply goods to a UK based, VAT-registered customer, the VAT
code we should use is S (Standard). The customer will claim the VAT
back in their VAT return, and we pay the VAT portion to HMRC.
Correct
- When we sell goods to a European based VAT-registered customer, the
VAT code we should use is EGZ (European Goods Zero). No VAT is charged.
Correct
-
If we export outside the EU, we should use the O code (Outside the Scope of VA
Normally I would say yes but the O code in Qb is not correct unless it reports the nett sales to box 6. QB 2014 was not correct.
The Unusual situation is more difficult and I wil reply later about this as I think it actually comes uner triangulation rules and I need t re read these.
