VAT

Hi, Help, I made a whoopsie. Recorded the following import VAT: Box 1 Adjustment £25,466.82ECPSZR 0% when we should have used PVA Import -0% Box 4 Adjustment £25,466.82ECZP 0% when we should have used PVA Import 0% The returns were calculated correctly (i.e. both amounts cancelled each other out for return purposes) but it has resulted in a balance of £50,933.64 from these incorrect entries on the Suspense Account. This is now showing on our balance sheet as a negative balance under cash. How can we clear this balance?TIA,Steven

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The Ltd Company does not exceed the £85000 threshold but I do offer services through the UK

Hi,I have just submitted my first VAT submission for the period 1st Jan to 31st Jan 2024. I wanted to include costs from prior to VAT registration.Following other posts on the topic, I entered the pre-registration amount as a VAT adjustment into Box 4 on the return, and noted the amount of relevant sales in Box 7.This has been submitted ok.However, I now have issues with my trial balance.The VAT control account is showing the adjustment amount twice - once from the original invoices which were input and dated prior to 1st January, and again from the adjustment I posted.And also, my bank account is now wrong by the amount of the adjustment.I also have an amount in VAT suspense, which is the amount on the return. So 3 questions:1. I assume when I receive the refund from HMRC I will offset the amount in suspense, clearing this.2. How do I clear the duplicated entries in the VAT control account, should I change the invoices pre 1st Jan 2024 to remove VAT as they were done on the adjustment

HMRC take action what do I do ?  

HelloI am using quickbooks and submitting a VAT return for the first time without my accountant as I do most of the work anyway.Can anybody please help;  the only box I am unsure of is Box 7. Within this I have the net value of any purchases where I am claiming back VAT which is fine. But what else do I add into that box?  Should I be listing all purchases whether they have VAT or not? It's only small amounts to be honest like working lunch, photocopying etc. do these get included even though I'm not claiming any VAT?  Does anybody know if I include bank charges within this?Thanks so much

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I purchase goods in GBP and sell in YEN in Japan.  The price includes consumption tax (no VAT in Japan) but customers may need to pay import consumption tax when receive the product. (Depends on the price) VAT for sales amount in Sales category needs to input VAT rate of the country sell to? If so,  it will be consumption tax rate 10%? Or 20% as purchase VAT? Or no VAT?

Hi Everyone, I wasn't able to find any thread that neatly explains the best way to enter a Duty/VAT/Deferment Processing Fee Invoice onto QBO. I scratched my head for a few minutes and came up with this:It seems to work correctly but before I enter all of my FedEx/TNT invoices like this can anyone see any issues? Thanks Nick

For VAT return, Where should I input Supplier's VAT code in expenses category ? or should I input deposit (sales) category?

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Hi there,We sell digital products to individuals in the EU and elsewhere in the world. I understand how to record VAT for the UK VAT return, but is there a way to record sales to other countries where VAT has been charged? If so, how should this be done within Quickbooks so that it doesn't get confused with UK VAT? Thanks

HiWe are currently undergoing a HMRC VAT audit.We are due back from VAT £10885 and we really, really need that money - like yesterday.We have been VAT registered since 2015 and always have VAT repayment. Anyway, the compliance officer asked for a VAT Audit report, which was very easy to access and I sent it to her. However. . . . .  This does not match the VAT I filed.Please does anyone know how I can download a transaction by transaction list of the actual VAT that I filed so that I can compare and see what has been changed?I have been on 'View report' and it gives me a summary NOT transaction details like I need.I do recall that our new office person had duplicated about 3 expenses and had assed them as bills also, so I have rough idea what I am trying to find. please help. Marie

Even doing it in reverse with tax exclusive comes out with the wrong amount?

Hi ,I have been reading about post Brexit changes for hours and I seem to keep reading conflicting information. Can I ask your advice please?SalesWe are UK Vat registered and sell services to Germany. We did invoice at 0.0 % E.C.S and state reverse charge should be applied. This seems to be no longer correct? Should it now be 'No Vat' in QB with no 'reverse charge' comment on the invoice - PurchasesWe buy services from EU suppliers - Reverse charging still seems to apply ? 20.0% E.C.S. We pass the service on to UK clients and also non EU clients .  Is that relevant for place of supply and whether I should be using 20.0% E.C.S, or No Vat?We also buy services from non EU Suppliers - I read today that reverse charging should have been applied - I had no clue. I took over suppliers in QB which were mostly set up as 'no VAT' - would that be due to place of supply as we pass on the service to non EU?

I am on the taxes page. There is no Set Reminders

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Hi I have a problem on the exceptions report for our latest VAT return. It includes an invoice which was raised in August 2022 ,for £12k output vat. The invoice was included in the Q2 vat return in November (I can see it listed in box 1 in the VAT detail report for the return).However the value of the invoice was amended in error after the vat return. When we spotted the error, the value was corrected back to the original value, but as a result Quickbooks now includes an additional £12k output in our return due on Monday.Can anyone advise how I can remove the duplicate entry from the exception report?

I've successfully submitted my VAT return and had a confirmation from HMRC, but when I check my HMRC account online, the figures for the VAT return I have submitted do not appear, all the boxes show zero.  I am due a refund but according to my HMRC account no refund is due.

My limited company is not VAT registered so do I just put tax is exclusive or one of the other options and what would I put in for tax type ?

I have a VAT exception for the current VAT return due to inputting of an invoice which was received late and belonged to the previous VAT return.  What do I do? 

The Bank dropdown list when recording a payment does not list all bank accounts so I am unable to select the correct bank.

Good morning all. We started using Quickbooks Online (UK) back in 2019 due to "Making Tax Digital" coming into force. The last 5 years we have literally only been using it to submit our quarterly VAT return via uploading a spreadsheet.We are now at a point where we want to start using Quickbooks for all of our bookkeeping, invoicing etc. but I obviously have 5 years worth of VAT returns on there. If I leave them as open then our VAT suspense account is way off, but if I mark them as paid, it screws up our opening balance as there are no transactions to link the payments to. I obviously don't want to have to sync 5 years worth of historic transactions to balance the books so what do I need to do with these old VAT returns? Is there a way to clear them off the system so I can effectively now start again from zero?Any help would be greatly appreciated. Many thanks.