Love your content, thank you. I had a (relatively) quick question... I'm on the VAT flat rate scheme, and using QB's every quarter to submit my return. All been fine so far. But I now have a client outside the scope of VAT (based abroad). HMRC want me to include all sales (even ones outside the scope of VAT) in Box 6 on the VAT return. But that will mean I'm paying too much VAT (Box 1) to HMRC, due to QB's including non-VAT sales from Box 6 as part of it's calculation. Is there a way to change this in QB's? Do I manually need to adjust how much I will pay HMRC in Box 1? I hope that makes sense!
Hi Aron, great video, couple of questions if i may. I'm on the FRS , just entered it all a couple of days ago, have entered two days sales, on the receipt i am using the standard rate 20% so the customer has a normal vet receipt, i belive this is the correct way. Now yesterday my sales total on the P & L were say 86000, i entered sales today for say £200 so my sales should or would have been £86200, but its now showing £86160, so it has deducted 20%, showing a lower turnover and a lower profit then i really have, i thought it would show £86187 (6.5% FRS), after watching this video i see that the difference shows up on the P & L sheet under sales which is all good except that its not showing up on mine, doe it only show up once you have filed the vat return? Also does it only show up after i have entered any purchases or expenses. As my concern is that when using the p & l in quick books to file my SA return it will have a lower profit then i have really made Hope you can help on this many thanks
Hi, probably a daft question but I'm new to quickbooks so... i'm on the FRS, and something struck me as a little odd under profit/loss. Expenses are shown as net, and not gross as we can't reclaim the VAT on most purchases. Doesn't this completely overstate our profits?
Hi just wondering if you managed sort this or was it correct after you filed your vat, did it show an extra line in the profit and loss tat made up the difference ?, if that makes sense. i have the same thing on my p and L, i enter a bill for say 100 but it shows on the p and l as 83.33, like you say showing that there is more profit then there really is. thanks in advance if you can reply
Love your content, thank you. I had a (relatively) quick question...
I'm on the VAT flat rate scheme, and using QB's every quarter to submit my return. All been fine so far.
But I now have a client outside the scope of VAT (based abroad). HMRC want me to include all sales (even ones outside the scope of VAT) in Box 6 on the VAT return. But that will mean I'm paying too much VAT (Box 1) to HMRC, due to QB's including non-VAT sales from Box 6 as part of it's calculation.
Is there a way to change this in QB's? Do I manually need to adjust how much I will pay HMRC in Box 1?
I hope that makes sense!
Hi Aron, great video, couple of questions if i may.
I'm on the FRS , just entered it all a couple of days ago, have entered two days sales, on the receipt i am using the standard rate 20% so the customer has a normal vet receipt, i belive this is the correct way. Now yesterday my sales total on the P & L were say 86000, i entered sales today for say £200 so my sales should or would have been £86200, but its now showing £86160, so it has deducted 20%, showing a lower turnover and a lower profit then i really have, i thought it would show £86187 (6.5% FRS), after watching this video i see that the difference shows up on the P & L sheet under sales which is all good except that its not showing up on mine, doe it only show up once you have filed the vat return?
Also does it only show up after i have entered any purchases or expenses.
As my concern is that when using the p & l in quick books to file my SA return it will have a lower profit then i have really made
Hope you can help on this
many thanks
You only get the P&L adjustment after you submit your VAT return - it then trues up the accounts
Hi, probably a daft question but I'm new to quickbooks so... i'm on the FRS, and something struck me as a little odd under profit/loss. Expenses are shown as net, and not gross as we can't reclaim the VAT on most purchases. Doesn't this completely overstate our profits?
It should be Net - with an adjustment for profit and loss on the FRS :D
Hi just wondering if you managed sort this or was it correct after you filed your vat, did it show an extra line in the profit and loss tat made up the difference ?, if that makes sense.
i have the same thing on my p and L, i enter a bill for say 100 but it shows on the p and l as 83.33, like you say showing that there is more profit then there really is.
thanks in advance if you can reply
New to your channel. Looking forward to checking out your videos!
Welcome aboard! I love your content also, some fantastic advice! If you ever fancy a collab with an accountant, more than happy to get involved :D
Hi Aaron, can I use it to calculate VAT hospitality as well? thanks
Yes no problem