How to record and pay HMRC postopned import VAT with MTD?

I can guide you on how to record and pay HMRC postponed import VAT in QuickBooks, @mstarkey1.

If you earned tax credit, discount, or fine, you can adjust the VAT you owe. This way you can seamlessly make corrections when it’s time to file.

To start, set up an account for VAT adjustment. Then, add an adjustment. Let me show you how:

1. Go Taxes from the Navigation bar, and then select the VAT tab.
2. Find the tax period you need to adjust, and then choose View return.
3. Click Add an adjustment.
4. Choose the Reason for the adjustment.
5. Select the 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 and then click Add.

I'm also adding these resources to guide you manage VAT in QuickBooks Online:

• Learn more about how Automated VAT works, and how to use it.
• How to e-file your VAT payment.

Keep me posted if you have other VAT concerns with QuickBooks. I'll make sure to answer them for you. Have a wonderful day.

Many thanks for the response and suggestion, very much appreciated. Unfortunately, I do not seem to have the option to adjust the returns that are already submitted, which might be due to the fact we are using Flat Rate Scheme. I will see if I can do this when I submit the next return. Thanks again and best regards.

Hi,

I just tried to adjust the VAT with submissions but only get the below options in a drop-down menu, none of which relates to PVA or import tax? Any ideas?

Hello mstarkey1!

In QuickBooks Online, you can create or add a new tax rate. Let me show you how:

1. Go to Taxes, then select VAT.
2. Select Add Tax and choose the type of tax you want to add.
3. Tap Save.

Once done, the new VAT code is now available when you create an adjustment. For your reference, check the different codes here: Common VAT codes.

Additionally, these links will discuss more on how QuickBooks Online can help you in handling VAT:

• VAT: Getting started
• Set up and edit VAT settings, VAT codes, and VAT rates

Leave a comment again here if you need anything else. Wishing you all the best!