Does anyone know what tax code to select on a vat return adjustment to enter a deferred charge in boxes 1 and 4 (thus cancelling out to 0)?

cynthia34 · ‎January 28, 2022

no payment made so cannot claim/account for as i usually do.

paul72 · ‎January 31, 2022

Glad you've worked it out @cynthia34

Yes - that's correct, for Post VAT Accounting (deferred VAT on Imports available since January 2021) use 20%PVA

Surprised that QB Support didn't direct you to their Common VAT Codes page: https://quickbooks.intuit.com/learn-support/en-uk/value-added-tax/common-vat-codes/00/239529

View solution in original post

paul72 · ‎January 31, 2022

Hi @cynthia34

Please explain what this Deferred Charge is for. It will help & probably make a difference to the VAT Code suggested.

cynthia34 · ‎January 31, 2022

Hello Paul

Thank you for responding.

It was for vat charge on import of goods (not from EU) with deferred payment, but no actual payment required as I can reclaim.The dilemma was getting it into boxes 1 and 4 as advised by vat office. I have managed to resolve this, with a bit of angst, using a tax PVA tax code and all appears to be in order.

Quickbooks support were unable to assist me, somewhat disappointing.....

paul72 · ‎January 31, 2022

Glad you've worked it out @cynthia34

Yes - that's correct, for Post VAT Accounting (deferred VAT on Imports available since January 2021) use 20%PVA

Surprised that QB Support didn't direct you to their Common VAT Codes page: https://quickbooks.intuit.com/learn-support/en-uk/value-added-tax/common-vat-codes/00/239529

Topics

Training

Community

Resources

Does anyone know what tax code to select on a vat return adjustment to enter a deferred charge in boxes 1 and 4 (thus cancelling out to 0)?