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Sonz
Level 1

Postponed VAT Statement from HMRC

Hi

I am using the PVA accounting method on imports into the UK therefore I recover the import VAT on my VAT return rather than paying it upfront.  My question is from my monthly HMRC statement (C79 form) that details the VAT figures how do I input this through quickbooks online? thanks

8 REPLIES 8
Jovychris_A
QuickBooks Team

Postponed VAT Statement from HMRC

Hi @Sonz.

 

You can find the PVA Import VAT codes in the VAT rate settings in QuickBooks. Let's show the inactive VAT codes to see this.

 

Here's how:

  1. Go to Taxes and select Edit Settings.
  2. Select Edit VAT rates, and on the smaller gear icon select Show Inactive.
  3. Switch it on using the toggle.

 

You can check the Brexit FAQ for reference about these changes and get answers to some VAT questions.

 

On the other hand, to give you more details about the different VAT codes that are available in the system, please scan through this link: Common VAT Codes.

 

Know that the Community got you covered if there's anything else you need about setting up taxes or anything. Have a lovely day!

Sonz
Level 1

Postponed VAT Statement from HMRC

Can someone please help!

I have received the monthly postponed import VAT statement from HMRC but how do I post this VAT transaction through quickbooks? I am not asking about setting up VAT codes.  How do you record this? 

thank you

EmmaM
QuickBooks Team

Postponed VAT Statement from HMRC

Hello Sonz, The code you use on the transaction would then relate to the boxes that hits in the return, HMRC have a guide set up on how to  complete the return to account for the imported VAT here. Any questions let us know

Gdulka
Level 1

Postponed VAT Statement from HMRC

Hi Sonz,

 

If your vat on the postponed statement is the same as on your invoice it`s great. You can process the invoice with PVA  codes (it goes to 1,4,7 boxes to your vat return) and job done. The problem is when there are any discrepancies between your vat on invoice and your monthly statement-in that case you just need to add the"missing vat" from your statement.

For example :

Invoice 1000+200vat  ( PVA accounting boxes 1 and 4£200 and net £1000 into box7)

statement Vat 205 ( you need to add into box 1 and 4 the difference £5)

I hope I clarify this a little

Laylala
Level 1

Postponed VAT Statement from HMRC

Hello,

How exactly would you post the difference between monthly postponed VAT statements and actual VAT as per the invoice of goods imported? What journal would you post for it to hit boxes 1 and 4 and only impacting VAT? Thanks you

ShiellaGraceA
QuickBooks Team

Postponed VAT Statement from HMRC

Thanks for visiting us here, @Laylala.

 

I have some information about the VAT difference. You can create a VAT adjustment if you need to correct the amounts and the VAT accounts. Let me guide you how:

 

  1. Go to Taxes, then choose VAT.
  2. Find the tax period you need to adjust, then select Prepare return.
  3. Tap Adjust against the entry to be adjusted.
  4. Pick the Adjustment date and the Tax rate.
  5. Select the Adjustment account for adjusting VAT.
    • Choose an expense account if you need to increase the tax due.
    • Choose an income account if you need to decrease the tax due.
  6. Enter the Adjustment amount.
  7. Enter notes in Memo, then click Save.

 

For more information about the process, please check out this guide: Create or delete a VAT adjustment.

 

About the journal entry, make sure you're using the correct offsetting accounts for VAT so you won't have to worry about the box postings. I recommend consulting with your accountant to ensure your book is accurate.

 

Feel free to browse this link if you need help managing taxes: Manage taxes in QuickBooks.

 

Please let me know if there's anything else you need help with or with VAT. I'm always here to help. Take care and have a good one.

Pete Paton
Level 1

Postponed VAT Statement from HMRC

Hi Gdulka, I've just picked up on this thread and have a quick question if you don't mind?

I've entered an overseas supplier invoice onto quickbooks using the PVA code (which is 0%) and so although the invoice shows up in the Box 1 and Box 4 list of my detailed VAT return, it doesn't have any effect on Box1 or Box 4 figures on my actual return because it is 0%? I assumed that the Import statement Vat figure has to show up on Box 1 and 4 of my actual return sent to HMRC?

Thanks ,

Peter

RenjolynC
QuickBooks Team

Postponed VAT Statement from HMRC

Hello, Pete Paton.

 

Let me take this opportunity to share some additional details regarding VAT code and the affected boxes.

 

The Postponed VAT Account Zero-rate (PVA) code is used on purchase forms. This code will affect the following boxes:

 

  • Box 1 - Include VAT due in this period on imports accounted for through postponed VAT accounting.
  • Box 4 - Included VAT reclaimed in this period on imports accounted for through postponed VAT accounting.
  • Box 7 - Include total value of all imports of goods included in your online monthly statement, excluding VAT.

To learn more about the list of common VAT codes, manage your returns, and payments, please feel free to check out these articles: 

 

If you have more questions about the VAT feature or need assistance with other task, please add the details to your reply. I'll around to help. Take care.

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