Not show VAT separate on invoice

SPARES4REPAIR · ‎October 06, 2021

Right, just started on Quickbooks, I sell second hand goods so I am eligible for the margin scheme, but according to HMRC I should not show VAT separate on my customer invoices, is there a way around this?

CharleneMaeF · ‎October 07, 2021

I know it's important to manage the margin scheme, SPARES4REPAIR.

Margin schemes are not supported in QBO(To learn more about this, I'd suggest checking out this article: Features that will be supported for MTD.), you would need to calculate your return outside of QBO, you can use the QBO figures to help, and then submit via spreadsheet.

I recommend consulting an accountant to guide you in managing these transactions. If you don't have any, you can visit our Accountants Near Me page to find one.

Additionally, I've included that article that'll help you stay informed about Making Tax Digital for VAT: MTD FAQs.

Please let me know if you have any other issues or concerns, SPARES4REPAIR. I'm always here to assist you. Have a great day

View solution in original post

AlexV · ‎October 07, 2021

Hello SPARES4REPAIR!

Welcome to QuickBooks Community. Being compliant with HMRC is very important. Let me assist you with the VAT margin scheme.

Currently, the VAT margin scheme is not supported in QuickBooks Online. You'll want to reach to your accountant for the best way of dealing with these transactions.

Moreover, here are some links you can read more about VAT:

You can always get back to us if you have other concerns. We'll respond as soon as we can.

SPARES4REPAIR · ‎October 07, 2021

Is it not supported? There are different ways people were showing online and on youtube how to account for the margin scheme om quickbooks. Hence I did purchase and started it.

CharleneMaeF · ‎October 07, 2021

I know it's important to manage the margin scheme, SPARES4REPAIR.

Margin schemes are not supported in QBO(To learn more about this, I'd suggest checking out this article: Features that will be supported for MTD.), you would need to calculate your return outside of QBO, you can use the QBO figures to help, and then submit via spreadsheet.

I recommend consulting an accountant to guide you in managing these transactions. If you don't have any, you can visit our Accountants Near Me page to find one.

Additionally, I've included that article that'll help you stay informed about Making Tax Digital for VAT: MTD FAQs.

Please let me know if you have any other issues or concerns, SPARES4REPAIR. I'm always here to assist you. Have a great day

Topics

Training

Community

Resources

Not show VAT separate on invoice