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S
Sonz
March 15, 2021
Solved

Postponed VAT Statement from HMRC

  • March 15, 2021
  • 1 reply
  • 17 views

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

Best answer by EmmaM

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

1 reply

M
mv32
Level 8
March 15, 2021

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!

    S
    SonzAuthor
    April 15, 2021

    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

    S
    ShiellaGraceA
    Level 9
    February 8, 2022

    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


    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.

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