VAT Codes

bookkeeper60 · ‎September 27, 2020

Hi i am getting confused by the codes on my VAT reports. What is ECPSZR/ECPGZR/ECZP/ES?

Also why do I keep getting supplier invoices appearing in box 1 and box 6

Thanks

Jan

DivinaMercy_N · ‎September 27, 2020

QuickBooks Online (QBO) automatically creates a list of VAT codes once you set up VAT. You may visit the Common VAT Codes page to know more about the different VAT code/rate, the description of each code, and codes use for sales and purchase forms.

Also, transactions appear in boxes 1 and 6 is depending on the code assigned. For further info, please see the How does this report on my VAT 100 return? column of this article: UK VAT Codes.

To guide you in selecting the correct codes to ensure the accuracy of your VAT report, I suggest consulting your accountant for guidance. If you don't have one, you can use our Find an Accountant tool to find accounting professionals:

Go to this link: https://quickbooks.intuit.com/uk/find-an-accountant/.
In the Find an expert in section, choose what you're looking for, then use your search field to enter a City or ZIP code.
Click Search.
You'll see a list on the results page. You can click on each ProAdvisor's profile to learn more info about them, so you can choose that works best for your business.
Once you've found one, select the Send a message form, to contact them.
Enter the appropriate info in the Your name, Your email, and Your phone number (optional) fields.
Hit Send message.

You can also check out this handy article that will serve as your reference in recording tax that you collect and pay: Getting Started.

Let me know if there's anything else you need to know about taxes in QBO. I'm always here to help. Take care.

View solution in original post

SPOT3 · ‎September 28, 2020

Hi bookkeeper60,

You will find that the supplier bills that appear on your VAT Boxes 1 and 6 have one of the EC codes for services rendered from EU countries (zero or 20%) or Reverse Charge (RC). They should also appear on Boxes 4 and 7 to contra out.

If the business have actually bought physical goods from the EU, then the correct VAT codes are 20%ECG or 0%ECG depending on the category of goods. In which case, they will show up on Boxes 2, 4, 7 and 9.

I have not seen the exact EC VAT codes you described, but I can figure out; for example "ECPSZR" is EC purchase of services 0%. Will need to know the nature of goods or services the business has bought to pick the right code.