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Hi anna92 Thanks for reaching out to us here on the Community. As we're not accountants we're not able to provide you with the advice you require hopefully a Community member that is a professional will see your post and can provide you with assistance.
This is not a question for an accountant - I understand the accounting principles of the situation. I want to know the steps in Quick Books that I must take to record a VAT liability which arises from my sales to EU customers. I use the iOSS scheme to collect Euro VAT on sales to EU customers. I then pay this VAT monthly via a 3rd party (in Euros) who arrange the VAT return through the ioss scheme.
It is important to record this VAT in a liability account which is entirely separate from the VAT liability account used for my VAT return to HMRC. What Quickbooks steps should I take to do this?
The EU's IOSS scheme is used by thousands of UK businesses who sell to EU customers. There must be a way to correctly record the VAT on these sales in Quickbooks.
Hi anna92 You could create a separate tax agency and associated tax rates/codes by following the steps in the article provided: https://intuit.me/3WHikle
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