cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

How do I categorise a payment to HMRC for our VAT liabilities?

Hello 

When I import the transaction from my bank for HMRC for our VAT liabilities, how should I categorise it?

I'm using Quickbooks online. 

Thank you 

Faye

Solved
Best answer January 22, 2019

Best Answers
Highlighted
QuickBooks Team

How do I categorise a payment to HMRC for our VAT liabilities?

Hello, Faye.

 

You can record it as an expense transaction, then post it under the VAT Suspense account. 

 

Here's how:

  1. Click the Plus sign (+) icon. 
  2. Choose Expense.
  3. Fill in the necessary fields.
  4. Click Save and close.

You can check the screenshot below.

 

Feel free to post in the Community if you have other VAT concerns. 

View solution in original post

11 Comments
Highlighted
QuickBooks Team

How do I categorise a payment to HMRC for our VAT liabilities?

Hello, Faye.

 

You can record it as an expense transaction, then post it under the VAT Suspense account. 

 

Here's how:

  1. Click the Plus sign (+) icon. 
  2. Choose Expense.
  3. Fill in the necessary fields.
  4. Click Save and close.

You can check the screenshot below.

 

Feel free to post in the Community if you have other VAT concerns. 

View solution in original post

Highlighted
Level 1

How do I categorise a payment to HMRC for our VAT liabilities?

I've followed the advice given - how is this reflected in the VAT records? I can see figures for collected on sales and paid on purchases, but no adjustments. Should these payments show as adjustments or something else?

 

When it comes to doing my VAT return - is the overall figure what's left for me to pay, or do i need to manually subtract payments already made?

 

Many thanks in advance

Highlighted
Moderator

How do I categorise a payment to HMRC for our VAT liabilities?

Hi, BecPeel.

Allow me to take over and provide you a little more information on how to record VAT in QuickBooks Online.

 

Normally, when recording VAT in QuickBooks Online, you'll need to Record/Mark as filed and the period where the refund came from. You can go through this recommended video for your reference: https://www.youtube.com/watch?v=MPa5EgfarkA.

 

Then you can record the refund if the period of VAT return is recorded in QuickBooks Online.


Here's how:

 

  1. Go to Taxes and click on the arrow next to View Return for the specific VAT period you need.
  2. Select Record Refund.
  3. At the top, select the bank account the refund has gone into.
  4. Make sure you've selected Refund under Payment Type.
  5. Enter the Refund date and amount.
  6. Add a memo if needed.
  7. Click Save.

Here's a helpful article for more details: How to record a VAT payment or refund [Video].

 

Keep me posted if you need anything else, I'll zip right back to you.

Highlighted
Level 1

How do I categorise a payment to HMRC for our VAT liabilities?

Hi,

 

Thanks for coming back to me.

I’m not sure i understand your advice. I haven’t had a VAT refund - I want to record an interim VAT payment that I’ve made – but haven’t yet completed the VAT return as I’m on an annual accounting scheme with quarterly payments.
Thanks

Highlighted
Moderator

How do I categorise a payment to HMRC for our VAT liabilities?

Thanks for keeping us posted, BecPeel.

 

Allow me to join this thread and help bring more clarity to your concern about recording VAT in QuickBooks Online (QBO).

 

If you wish to record an interim VAT payment, you can follow the steps provided below. 

 

Here's how to record a VAT payment:

  1. Go to Taxes and click on Record Payment for the specific VAT period you need.
  2. At the top, select the bank account you've used to pay HMRC.
  3. Make sure you've selected Payment under Payment Type.
  4. Enter the Payment date and amount.
  5. Add a memo if needed.
  6. Click Save

You can refer to this article provided by my colleague for a detailed steps on how to record a VAT payment: How to record a VAT payment.

 

There you have it. Don't hesitate to reach back to me if I can be of any assistance. I'd be glad to help you some more.

Highlighted
Level 1

How do I categorise a payment to HMRC for our VAT liabilities?

Hi,

I got waylaid in doing this and trying to catch up now. I don't seem to have the option to record payment - whereabouts is this exactly?

thanks

Highlighted
QuickBooks Team

How do I categorise a payment to HMRC for our VAT liabilities?

Hello BecPeel,

 

This option should be on the right hand side, next to the period you would like to record a payment for, where it would normally give you the option to submit - if that period has been filed or marked as filed.

 

Thanks,

 

Talia

Highlighted
Level 1

How do I categorise a payment to HMRC for our VAT liabilities?

Hi,

I have the same problem. I am on the annual accounting scheme and I don't know how to input the interim payments. 

How did you manage to do it?

Highlighted
QuickBooks Team

How do I categorise a payment to HMRC for our VAT liabilities?

Thanks for joining us on this thread, @dmax.

 

I can direct you on the right path to recording an interim payment. 

 

1. Go to Taxes

2. Press Record Payment for the period of the VAT. 

3. Under Payment Type, select Payment.

4. Enter the date and amount for the payment. 

5. Choose Save.

 

My colleague, @Charies_M, also provided the steps on recording the payment within the thread above. 

 

Don't hesitate to reply if need more assistance. I want to make sure that I get you back to running your business. Have a beautiful day!

Highlighted
Level 1

How do I categorise a payment to HMRC for our VAT liabilities?

Hi, I have the same problem! There is no Record Payment  option there!! What should we do?

Highlighted
QuickBooks Team
QuickBooks Team

How do I categorise a payment to HMRC for our VAT liabilities?

Let me share some information about recording tax payments, lucasgan.

 

You'll see the Record payment option in the Filed returns section once you submit or mark your VAT as filed. I've provided a screenshot for your reference.

 

If you haven't filed the return, just follow the steps in this article to file it or mark it as filed: Submit a VAT return in QuickBooks Online. Then, go to Submit a VAT Return to HMRC or Mark your VAT as filed in QuickBooks Online section. 

 

Once done, record the VAT payment in QuickBooks Online (QBO). For the steps and details, you can check out this article: Record a VAT payment or refund [Video]

 

I've got  a link here that provides you with articles about managing VAT: https://quickbooks.intuit.com/learn-support/vat/misc/02/uk-vat?label=QuickBooks%20Online.

 

Fill me in if you need a hand with running sales tax reports or any QBO related. I'll be here to help.

Need to get in touch?

Contact us