Great videos. You have taught me how to run the paper (more like paperless) side of my business. I can now do my own tax and VAT returns as well as keep my ins and outs in good order.
Hi Aaron Just watched your excellent video but it does not answer the question I have. We paid an EU company proforma for goods. UPS shipped them but then charged us a customs fee and a transaction fee £11.50 - 0% VAT. I have been in touch with HMRC and they tell me that the customs fee was in fact VAT (£43.60). There is no duty on the goods we were importing. They advise that I can reclaim the VAT but have to stand the transaction fee but how to I put this into QB when there is no 'Nett' amount to be able to reclaim the VAT element?
Hi Aaron kindly assist, we have been paying VAT and capturing it the payments but its now appearing in the balance sheet as VAT payable, what might be the problem how do we move it?
So Helpful. I'm having trouble filling in my form. I'm an author who gets paid twice a year. Commission comes off this, but VAT is also charged. So if I earn £10,000 the commission is at 10%, so £1000, but I get paid £12,000 including VAT. The £2000 is owed to the HMRC while my earnings are £9000 (having had the commission deducted.) How do I enter this on my VAT return? Presumably the commission is an expense. But what invoices etc do I have to compile? It should be easy but seems really complex! Thanks.
Great videos. You have taught me how to run the paper (more like paperless) side of my business. I can now do my own tax and VAT returns as well as keep my ins and outs in good order.
Glad it was helpful! thanks for the feedback
Hi Aaron Just watched your excellent video but it does not answer the question I have. We paid an EU company proforma for goods. UPS shipped them but then charged us a customs fee and a transaction fee £11.50 - 0% VAT. I have been in touch with HMRC and they tell me that the customs fee was in fact VAT (£43.60). There is no duty on the goods we were importing. They advise that I can reclaim the VAT but have to stand the transaction fee but how to I put this into QB when there is no 'Nett' amount to be able to reclaim the VAT element?
Hi Aaron kindly assist, we have been paying VAT and capturing it the payments but its now appearing in the balance sheet as VAT payable, what might be the problem how do we move it?
So Helpful. I'm having trouble filling in my form. I'm an author who gets paid twice a year. Commission comes off this, but VAT is also charged. So if I earn £10,000 the commission is at 10%, so £1000, but I get paid £12,000 including VAT. The £2000 is owed to the HMRC while my earnings are £9000 (having had the commission deducted.) How do I enter this on my VAT return? Presumably the commission is an expense. But what invoices etc do I have to compile? It should be easy but seems really complex! Thanks.
Exactly - the commission is an expense - so you would need to account for the gross sales and show the income less expenses
Hi in my VAT screen, there is no option for Prepare return. How shall I submit to HMRC?
Have you enabled MTD?
All sorted out now thank you.@@TheQuickBooksChap
Wondering how will this software work with vat margins on car dealerships
I did a separate video on margin scheme VAT and QBO 👍
@@TheQuickBooksChap can you link it please? Can’t find it
How do I submit previous overdue returns on quickbooks?
You need to set the first date to be the first period 👍