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cynthia34
Level 1

Does anyone know what tax code to select on a vat return adjustment to enter a deferred charge in boxes 1 and 4 (thus cancelling out to 0)?

no payment made so cannot claim/account for as i usually do.
Solved
Best answer January 31, 2022

Accepted Solutions
paul72
Level 8

Does anyone know what tax code to select on a vat return adjustment to enter a deferred charge in boxes 1 and 4 (thus cancelling out to 0)?

Glad you've worked it out @cynthia34  

Yes - that's correct, for Post VAT Accounting (deferred VAT on Imports available since January 2021) use 20%PVA

 

Surprised that QB Support didn't direct you to their Common VAT Codes page: https://quickbooks.intuit.com/learn-support/en-uk/value-added-tax/common-vat-codes/00/239529

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3 REPLIES 3
paul72
Level 8

Does anyone know what tax code to select on a vat return adjustment to enter a deferred charge in boxes 1 and 4 (thus cancelling out to 0)?

Hi @cynthia34 

 

Please explain what this Deferred Charge is for.  It will help & probably make a difference to the VAT Code suggested.

cynthia34
Level 1

Does anyone know what tax code to select on a vat return adjustment to enter a deferred charge in boxes 1 and 4 (thus cancelling out to 0)?

Hello Paul

Thank you for responding.

It was for vat charge on import of goods (not from EU) with deferred payment, but no actual payment required as I can reclaim.The dilemma was getting it into boxes 1 and 4 as advised by vat office. I have managed to resolve this, with a bit of angst, using a tax  PVA tax code and all appears to be in order.

Quickbooks support were unable to assist me, somewhat disappointing.....

paul72
Level 8

Does anyone know what tax code to select on a vat return adjustment to enter a deferred charge in boxes 1 and 4 (thus cancelling out to 0)?

Glad you've worked it out @cynthia34  

Yes - that's correct, for Post VAT Accounting (deferred VAT on Imports available since January 2021) use 20%PVA

 

Surprised that QB Support didn't direct you to their Common VAT Codes page: https://quickbooks.intuit.com/learn-support/en-uk/value-added-tax/common-vat-codes/00/239529

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