I have my Postponed Import VAT statement from HMRC and need to include the amount due in my Q1 2021 VAT figures. Does anyone know how to record it so the amount appears on the submission as anything I found so far does not actually add this to the VAT records? We are on Flat Rate VAT so the Import VAT is payable.
Many thanks in advance. Monika
I can guide you on how to record and pay HMRC postponed import VAT in QuickBooks, @mstarkey1.
If you earned tax credit, discount, or fine, you can adjust the VAT you owe. This way you can seamlessly make corrections when it’s time to file.
To start, set up an account for VAT adjustment. Then, add an adjustment. Let me show you how:
6.Enter the Adjustment amount and then click Add.
I'm also adding these resources to guide you manage VAT in QuickBooks Online:
Keep me posted if you have other VAT concerns with QuickBooks. I'll make sure to answer them for you. Have a wonderful day.
Many thanks for the response and suggestion, very much appreciated. Unfortunately, I do not seem to have the option to adjust the returns that are already submitted, which might be due to the fact we are using Flat Rate Scheme. I will see if I can do this when I submit the next return. Thanks again and best regards.
In QuickBooks Online, you can create or add a new tax rate. Let me show you how:
Once done, the new VAT code is now available when you create an adjustment. For your reference, check the different codes here: Common VAT codes.
Additionally, these links will discuss more on how QuickBooks Online can help you in handling VAT:
Leave a comment again here if you need anything else. Wishing you all the best!