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tinaIndigo21
Level 1

postponed import VAT

Could anyone tell me how to deal with Monthly postponed import VAT statements

I spoke to HMRC and they said I had to download the statements, which I have, then enter VAT amounts on box 1 and 4 so it cancels out - how do I enter the amounts , is it just as an adjustment on the return ?

6 REPLIES 6
John C
QuickBooks Team

postponed import VAT

Hi tinaIndigo21 You can create the transaction/s and use the PVA VAT codes.

tinaIndigo21
Level 1

postponed import VAT

Hi John

Thanks - do you mean add the monthly amount on a dummy bill and sales invoice, or expense and sales receipt or adjustments on the VAT return, I cant seem to find anyone that has done this yet, even though it started in January, do the PVA codes put the VAT on as plus and minus or does it need 2 transactions

Thanks You

Ashleigh1
QuickBooks Team

postponed import VAT

Hello Tinaindigo21, So you would create a expense or bill with the PVA VAT code. If you have a look at this article here it tells you more about it. 

Oleg M
Level 2

postponed import VAT

well, the link is not helpful, it doesn't answer the above person's question - how do we register???

accounts459
Level 2

postponed import VAT

I am not sure if this is a "proper" way to do this, however, it seems to work for me, especially as I am working in multicurrency and the exchange rates cause further complications.When I am entering my suppliers bill, I have entered this as using the No Vat code. When I am reconciling my Deferred VAT statement I create a new expense just for the VAT. I multiply the VAT amount on the statement by x 5 to give the original gross and create 2 lines 1 with PVA 20% and 1 with the inversed negative amount for No VAT. Creating a 0 amount bill with the VAT codes adjusted to correct them.

 

Import VAT | AWB1234567 | £100 | PVA 20%

Import VAT | AWB1234567 | -£100 | No VAT

 

I could put them into each suppliers account, however, as they are multicurrency, instead of creating GBP accounts for each supplier, I have kept these together under an "HMRC C&E Import VAT" supplier with each entry matching my statement and attaching a downloaded copy of the VAT statement to at least one of the entries on each statement.

Ashleigh1
QuickBooks Team

postponed import VAT

Hello Accounts459, thanks for commenting on this thread, and for sharing what you do we always say to double check with an accountant if you're not 100% on how to enter it into Quickbooks. 

 

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