CIS RC on Cash VAT scheme

Hi there, @Ailsa Berry.

In QuickBooks Online, when the RC code was used on the transaction, the VAT amount will not show on the VAT return. But if you want to post the VAT amount on the VAT return, I recommend contacting your accountant to help and guide how to record this work. Your accountant can provide more expert advice in dealing with this concern.

I understand how the feature you are looking for would be useful in the system. In the meantime, I encourage staying current on all the QuickBooks news and announcements by visiting our blog. 

Here's the link for reference: The QuickBooks Blog UK. Just click on the Newsletter signup button and enter your email address. Then, select Subscribe. This way, you’ll receive email updates about what new changes and features, and hopefully your suggestion would be one of them.

If you have followed up questions concerning your QuickBooks account, please keep me posted. I am more than happy to help. Have a great day.

Hi MirriamM

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@MirriamM wrote:

Hi there, @Ailsa Berry.

 

In QuickBooks Online, when the RC code was used on the transaction, the VAT amount will not show on the VAT return. But if you want to post the VAT amount on the VAT return, I recommend contacting your accountant to help and guide how to record this work. Your accountant can provide more expert advice in dealing with this concern.

 

I understand how the feature you are looking for would be useful in the system. In the meantime, I encourage staying current on all the QuickBooks news and announcements by visiting our blog. 

 

Here's the link for reference: The QuickBooks Blog UK. Just click on the Newsletter signup button and enter your email address. Then, select Subscribe. This way, you’ll receive email updates about what new changes and features, and hopefully your suggestion would be one of them.

 

If you have followed up questions concerning your QuickBooks account, please keep me posted. I am more than happy to help. Have a great day.

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I think you have misunderstood! The net sales figures of  cis rc invoices do not show in box 6 of the vat return!  I know the vat will not show in box 1 but the net figure should show in box 6! It is a legal requirement!!!! And by the way I am the accountant!!!

I want to know when this error will be fixed or will I need to amend my figures in box 6 to show the cis rc invoices for the next how ever how long?  How am I going to charge for doing this extra work? I can't charge my client when it is the software's incorrect calculation of figures in the vat return can I!?!

Hi 

I have the same problem 

cash based account

received a purchase  bill (tax invoice) with RC on the 18/03

bill has not been paid yet. 

on VAT return ( january to march) I have no entry for this bill. nothing in box 1. nothing in box 4 and nothing in box 7

as per HMRC webiste: 

"Purchases

If you receive a service subject to the reverse charge from sub-contractors you’ll have to account for the VAT in your VAT Return and recover it simultaneously on the same VAT Return, subject to the normal rules on VAT input tax deduction.

You can account for this on the date you make the payment to your sub-contractor, unless they have issued you with a tax invoice beforehand, in which case you should account for the VAT using the date of the invoice."

VAT due to be filed and paid to HMRC by the 31st of April. 

Has QB online got a solution for this please? 

Hello BP75, We do have a way to account for this however it would require one of the senior team talking you through it as there are a number of steps if you can call in on 08082345337 and one of our care team will escalate that up to the senior team.

Hi EmmaM

But why is this not automatically done in the software yet?  Why do we have to spend I don't know how long ringing up and actually getting through to a senior member who knows what they are talking about to be talked through a process which should be automatic!!!! 

This is an absolute disgrace that Quickbooks are not complying with the law two months after that law came in to force when they have known about it for 2 years!

Thanks for getting back to us, @Ailsa Berry.

I can see how having this process to be automatic would be helpful for you, and I'll take note of this. Our Product Engineers are always looking for ideas from users on how to improve QuickBooks.

In the meantime, I recommend visiting our Blog site. This is where we share recent happenings and future developments, such as updates to newly added features.

For tips and other resources, you may also visit our website for reference: Self-help articles.

Please post again or leave a comment below if you have any other questions or concerns. I want to make sure everything is taken care of for you. I'll be here to help. Have a good one!

Hi 

Thank you for the reply. 

I have spoken to your team on Tuesday. 

I was on the phone to a lovely member of your team. 

She was very helpfull, but unfortunatly she was not able to help. 

I have spent 43 minutes on the phone and about 1 day reading messages, and online help articles, trying to  sort this problem. 

But issue is still not sorted. 

I hope QB will get the required update done soon. So we can file the VAT return corectly.