cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Everything you need to know about banking in QuickBooks Online - Discover more
IngaL
Level 1

Postponed VAT

Hi,

 

I am confused. Anybody can help with this?

 

My situation is as follows:

My VAT accounting period is  1 Jan – 31 March.   In March I paid a deposit invoice for goods purchased  from EU, applying the suggested 20% RC MPCCs code. My VAT figure is beautifully shown in boxes 1, 4 and 7.

 

But.. the goods will be shipped only in April, when they going to be cleared at the customs and VAT will be applied. And I will  get Postponed VAT statement only in the beginning of May.

 

So, in my understanding, completing my VAT return (period 1 Jan – 31 Mar) as it is, import VAT figures will not be correct, as Postponed VAT  statement from HMRC for March will not show any postponed amount.

 

Please help !

Thanks.

Inga

 

 

1 REPLY 1
LeizylM
QuickBooks Team

Postponed VAT

Thanks for checking with us and providing us in-depth details of your concern,IngaL. 

 

I can walk you through the steps on how to show the inactive VAT codes in the VAT rate settings in QuickBooks Online. 

 

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.

I'd suggest getting in touch with your accountant. They are the ones who can provide you the proper guidance to accurately track your taxes. 

 

To learn more about the common VAT codes listed in QBO, visit this article: Set up and edit VAT settings, VAT codes, and VAT rates

 

Just tag my name in the comment section if you have any other concerns or questions. I'll get back to you as soon as I can. Stay safe.

 

 

 

Need to get in touch?

Contact us