How do I record acquisition VAT for purchases of good from EU?
I have received an invoice without any VAt added to it but saying VAT "reverse charge"
What code do I use? To achieve the following
1. So that 20% of the invoice value is paid to HMRC (almost like an "ouput tax")
2. I can claim some of the VAT back (as this is an overhead for us and as a VAT registered organisation with only some of our supplies being VATable, only a portion of it is recoverable like our other overheads where we use special "MS" code (Mixed Supply)
I want to ensure you select the right VAT codes for your invoice. I’d recommend contacting your accountant or tax expert for assistant in achieving this. This way, we’ll ensure your books are well accounted for.
You can use these articles for reference in handling your VAT in your QuickBooks Online (QBO) account