I have entered payments from the bank account for travel and owner's drawings and I used the No Vat code. I see this says it will not appear on the vat return but they are showing up as No Vat(Purchases) with a 0% rate. They are not purchases and also do not come into the 0% rate category so what do I need to do to keep them off the vat return
Thanks for posting here in the Community. I understand that you'd want to keep the VAT off in the VAT return.
When you choose a No VAT code for your transactions, the amount of the transaction will appear in the report but with no tax amount.
Since this isn't a purchase transaction and doesn't come into the 0% category, I'd recommend you deselect the vat code, or you may not select any vat codes for this transaction so it won't appear in the VAT returns.
To learn more about Vat codes and when to choose them, check out these articles for future reference:
Thank you Katherine. I looked at it with fresh eyes this morning and now have it sorted. I am coming off Quickbooks desktop which I have used for 30 odd years. In that, you could leave the vat code blank when entering the transactions or choose OOS or No vat, and the transaction did not appear on the return. In quickbooks online the two codes mentioned above show up as a 0% rate on the return so I now see that you need to choose the 'Amounts Are' box on entry and you can choose inclusive or exclusive of vat and the one I needed, 'Outside of scope of Tax' is available there also. So if anyone else is having this problem, that is the simple solution.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
We have to collect some data when you use this website so it works and is secure. We'd also like your consent to collect data to study how people use our site. Doing so helps us improve our services and allows us to tailor the marketing you see on our site. Select 'Accept all' to agree or 'Manage consents' to choose which cookies we use. You can change your mind at any time by clicking the 'Manage Cookies' link.
Choose your cookie preferences
Some cookies are needed to make our website work and can't be turned off. But we need your consent to use others that are not essential. You can make your choices below and update them at any time using the 'Manage Cookies' link. To find out more, visit our Cookies Policy.
These cookies are necessary for the site to function. They also help us keep your data safe.
These cookies allow us to enhance your experience and remember your preferences, region or country, language, and accessibility options.
These cookies tell us how customers use our website. We study and organize this data to help us optimise our content and provide you with personalised experiences.
These cookies help us provide you with relevant communications and ads in our products and on other sites.