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ICB Main Site -> Forum Home -> Software -> VAT on Quickbooks Online
VAT on Quickbooks Online
Wed 12 Dec 2012 02:43 PM
Incisive
Member CB.Dip
Practice Licence


11 posts
Hi all,

I am using Quickbooks Online for a client who is VAT registered (on a flat rate) but who sub contracts to a number of non-VAT registered suppliers. Does anyone know which VAT code I should be using for entering bills for these suppliers? Doing a bit of research on here and some other forums it seems that Quickbooks used to have a 'N' code for non-registered suppliers (maybe it still does on the desktop version?) but Online doesn't seem to have this. There are the usual rates (exempt, zero, reduced and standard) and also the options of classing the bill as 'out of the scope' of VAT.

This doesn't seem to me to be a particularly complex or unusual problem so I'm assuming there's a simple answer that I'm just missing! Any help much appreciated.

Thanks,

Allie    
 
 
 
Wed 12 Dec 2012 10:34 PM
kjmcculloch

kjmcculloch

Member CB.Dip PM.Dip
Practice Licence


991 posts
Hi Allie,

the code you are looking for is 'O' for outside the scope of VAT.  All purchases from non VAT registered businesses should be entered as this so they don't appear on the VAT return at all.

some will argue they should be zero or exempt, but I don't believe the guidance from HMRC backs this up.

Kris 

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Kris McCulloch
www.ayrshireaccountancy.co.uk

Winner - BKN Most Innovative Accountancy Firm 2012

Latest Blog Post: Bookkeeping Marketing Webinar

 
 
 
Thu 13 Dec 2012 01:26 PM
Incisive
Member CB.Dip
Practice Licence


11 posts
Hi Kris - that's great, thankyou!  
 
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