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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

RenjolynC

Level 9

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

Hello, Pete Paton.

Let me take this opportunity to share some additional details regarding VAT code and the affected boxes.

The Postponed VAT Account Zero-rate (PVA) code is used on purchase forms. This code will affect the following boxes:

Box 1 - Include VAT due in this period on imports accounted for through postponed VAT accounting.
Box 4 - Included VAT reclaimed in this period on imports accounted for through postponed VAT accounting.
Box 7 - Include total value of all imports of goods included in your online monthly statement, excluding VAT.

To learn more about the list of common VAT codes, manage your returns, and payments, please feel free to check out these articles:

If you have more questions about the VAT feature or need assistance with other task, please add the details to your reply. I'll around to help. Take care.

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