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Postponed VAT Statement from HMRC

Forum|Forum|5 years ago
March 15, 2021
9 replies
26 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

QuickBooks Online

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

M

mv32

Level 8

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:

Go to Taxes and select Edit Settings.
Select Edit VAT rates, and on the smaller gear icon select Show Inactive.
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

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

P

Pete Paton

Hi Sonz,

If your vat on the postponed statement is the same as on your invoice it`s great. You can process the invoice with PVA codes (it goes to 1,4,7 boxes to your vat return) and job done. The problem is when there are any discrepancies between your vat on invoice and your monthly statement-in that case you just need to add the"missing vat" from your statement.

For example :

Invoice 1000+200vat ( PVA accounting boxes 1 and 4£200 and net £1000 into box7)

statement Vat 205 ( you need to add into box 1 and 4 the difference £5)

I hope I clarify this a little

Hi Gdulka, I've just picked up on this thread and have a quick question if you don't mind?

I've entered an overseas supplier invoice onto quickbooks using the PVA code (which is 0%) and so although the invoice shows up in the Box 1 and Box 4 list of my detailed VAT return, it doesn't have any effect on Box1 or Box 4 figures on my actual return because it is 0%? I assumed that the Import statement Vat figure has to show up on Box 1 and 4 of my actual return sent to HMRC?

Thanks ,

Peter

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