Can a VAT be entered as a fixed amount instead of a percentage?

biffdiff · ‎October 15, 2021

As title. I want to be able to enter a sales receipt with the tax entered as a fixed amount instead of a percentage.
Then when I pay this tax onto the relevant govt body how would I classify it? I presume it cannot be shown as an expense?

Thanks

emmam6 · ‎July 18, 2022

Hello Community Users! Just adding some additional thoughts to this thread. As Quickbooks works by calculating VAT as a percentage.

In order to enter an fixed amount for Vat rather than have it calculate as a percentage(if it is a standard Vat transaction) you could use the 100 percent Vat method mentioned in this link

You can adjust in the VAT box on the expense the amount the percentage calculates however that will impact the totals on the transaction.

Alternatively you could adjust the relevant boxes by the amount in the VAT return by making a Vat adjustment if the boxes you need to impact differ to the standard VAT ones. However we'd advise you to speak to an accountant or HMRC to confirm they are happy for you to do that. If you need help with how to make an adjustment just reply here and we can go through that with you.

View solution in original post

EmmaM · ‎October 15, 2021

Hello biffdiff, Welcome to the Community. Is this a VAT only receipt,?if so you could record a 100 percent VAT transaction which we can go through the steps with you on how to,. Thanks

biffdiff · ‎October 15, 2021

Hi Emma,

Thanks for your reply. If you mean the system where you place in two lines of a 0.01p, one minus, and then edit the VAT box to have the full amount, I understand that, as I do it for VAT payments to couriers.

I suppose technically I may be able to do it for this too. But let me expand a bit. This isn't the usual UK VAT I charge and then pay on. This would be the VAT I charge in EU country sales and then send off to EU as one amalgamated payment.
Thanks

emmam6 · ‎July 18, 2022

Hello Community Users! Just adding some additional thoughts to this thread. As Quickbooks works by calculating VAT as a percentage.

In order to enter an fixed amount for Vat rather than have it calculate as a percentage(if it is a standard Vat transaction) you could use the 100 percent Vat method mentioned in this link

You can adjust in the VAT box on the expense the amount the percentage calculates however that will impact the totals on the transaction.

Alternatively you could adjust the relevant boxes by the amount in the VAT return by making a Vat adjustment if the boxes you need to impact differ to the standard VAT ones. However we'd advise you to speak to an accountant or HMRC to confirm they are happy for you to do that. If you need help with how to make an adjustment just reply here and we can go through that with you.

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Can a VAT be entered as a fixed amount instead of a percentage?