Hi Alan, thanks for your comment. This will help HMRC calculate your Monthly Postponed Import VAT Statement (MPIVS), which will be available in your HMRC portal. Get our best stories straight to your Inbox. Xeros function for postponed VAT accounting calculations specifically state that they wont work with the flat rate scheme so currently the easiest way to account for import VAT is to refer to your monthly PVA statements and then manually adjust the VAT Return via a journal. Its a faster and more efficient way to complete your VAT Returns, and means you wont have to pay your VAT upfront and recover it at a later date, which will help you manage your cash flow. For further information visit fscs.org.uk. The rate you pay depends on your business activity and is a rate you agree with HMRC. describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such. Your email address will not be published. trading Where VAT becomes more complicated is when it comes time to file your VAT return. In this video I show you how to do a VAT return in Xero.Its not just 5 clicks, you also need to do some checking before you submit the return.I show you step by step how to do these.The example in this video is for the Accrual/Standard VAT scheme2019 UPDATEThe Xero menus have been updated since this video was recorded.To access Financial Settings from the Dashboard you now choose:AccountingAdvancedFinancial SettingsTo access the VAT Return from the Dashboard you now choose:AccountingReportsTax - VAT ReturnTo access the Trial Balance Report from the Dashboard you now choose:AccountingReportsAccounting - Trial BalanceIn the UK you also need to be aware of the new rules for Making Tax Digital.You can read everything you need to know herehttps://www.xero.com/uk/resources/making-tax-digital/ But the rule has another side that often goes overlooked: you cant claim bad debt relief until after six months from the due date. "The figure he needs to put on the VAT return is amount of his sales including VAT (which are 0% rated on the DRC invoices). Required fields are marked *. Thanks to the author for sharing such a great post. Overview 2. There is a not a massive inconsistency here as presumably hmrc give any business the benefit of the doubt that as far as they are concerned vat is not calculated till its submitted. By clicking "Continue", you will leave the community and be taken to that site instead. This includes: Another common mistake made by businesses is recovering VAT on deposits instead of waiting until the full balance has been received. We are using QB Desktop as per the tag. Transactions outside of regular trading patterns such as cash sales, property income, management charges or barter transactions can often be overlooked or given the wrong treatment, resulting in too little, too much or no VAT being reclaimed. Top Tip: You have to register for VAT when you reach the VAT threshold. How it works It seems that HMRC are now correlating box 6 entries with accounts submitted, and a client who had outside EU sales omitted from box 6 was apparently flagged up, as the accounts showed a higher turnover. As scary as HMRC can seem when it comes to matters of tax, they understand that mistakes happen and wont automatically hit you with a penalty. An exchange in the Xero forum revived the old "do you /don't you include" in box 6 of a flat rate scheme return (FRS) for non EC outside the scope supplies. Top Tip: If youre a VAT registered company, youll need to provide and record VAT invoices. This means that she over-claimed VAT in the amount of 300 in the VAT period ending March 31st. I have always done my application to leave via email application and as of yet this has alwasy worked albeit response is slow - the only annoying bit here is you dont get get an email confirmation to say your emaoil has ben received - not great bearing in mind it may be 4 months before you here from them - thankfully my requests do seem to be on file at hmrc even if not actioned as of yet. Griffin is the trading name of Griffin Audit Limited. https://www.accountingweb.co.uk/tax/hmrc-policy/domestic-reverse-charge- DRC transactions are not included in the flat rate calculation, so its not a case, like zero ring, where you end up paying over VAT for something that isn't VATable. All rights reserved. VAT (value-added tax) is a tax on the sales of goods and services paid by consumers. You are hopefully also aware it's always normal vat being billed the flat rate only evr comes into things on return calcs - not how you bill. It will be released well before you need to deal with your first VAT Return in the new year. What you would need to do is enter the transaction with the correct date, ie the date that falls within the previous filing period, and QBO will account for any VAT due on your current return as an exception. The new flat rates for types of businesses can be found on the HMRC website. https://www.gov.uk/guidance/vat-reduced-rate-for-hospitality-holiday-accommodation-and-attractions#accounting-for-supplies-that-straddle-the-temporary-reduced-rate. We have developed a PVA update in Xero. Instead, the VAT due on imports should be added to box 1 of the VAT Return after the flat rate calculation has been completed. Hi Astra, thanks so much for getting in touch. In addition to the purchase of a car, mistakes are commonly made on lease cars, where 100% of VAT is recovered as input tax. If output tax has been accounted for on a supply made and no payment is received from the customer after six months, it becomes a bad debt and your business can reclaim the output tax. At that point I stop looking and, of all things, would not start with OTS transactions. You have up to four years to put things right. As we are not across any specifics about your business or how you normally do things we must be mindful not to provide accounting advise we recommend that you speak with your Xero Certified Adviser for specific advise regarding your situation. The changes associated with Brexit can be overwhelming, but were here to make them as easy as possible for you. Some purchases, such as the selling, leasing and letting of commercial land and buildings and subscriptions to membership organisations, are VAT exempt and therefore cannot be added to a VAT return. Before that, businesses can choose to voluntarily register, though there are pros and cons to that decision. As a side issue how does other software handle outside the scope of UK VAT income for box 6? All content 2020 Armstrong Watson. You should review this fella's VAT liability immediately. You can't rejoin the scheme for 12 months if you leave, https://www.gov.uk/vat-flat-rate-scheme/join-or-leave-the-scheme, Interesting use of words here by hmrc in the linked manual, "You should normally refuse an earlier date where the business has already calculated its VAT liability for the period(s) using the FRS accounting method. This is a commonly known debt relief rule. Find out why 3.5 million subscribers locally and across the world trust Xero with their numbers. You can also find out more on our. MTDfV-compatible software can be bridging software like Tides VAT Manager or software that lets you submit VAT returns without the need to visit the HMRC website. By using xero.com, you accept our cookie notice terms. From 1st June this method wont work as it is not possible to alter boxes 1 and 6 independently of each other or post manual adjustments to a flat rate VAT Return although Xero have plans to release an update which will allow the latter. However, It appears that may not be the correct thing to do. So I should post invoices received from EC Suppliers with VAT Code Zero Rated Expenses as I would for invoices from non-EC Suppliers? When creating a VAT Return in Xero next year, youll just need to select the PVA option button and add the amount from your MPIVS. you are using is correct, enter your Gateway User ID and password, and click the File & Publish button on the File VAT Return screen. If you realise youve entered the wrong figures on your VAT return, try not to stress. 30% of an assessment if HMRC sends you one thats too low and you do not tell them its wrong within 30 days. The flat rate percentage is applied when you calculate your VAT Return. Obviously with regard to leaving on dates that don't qualify on both points 1 and 2 above hmrc may be ameniable to help but will probably default to saying no unless you are adept at arm twisting with regard to the vat office. While theres no sure-fire way of preventing mistakes, you can reduce your chances of needing to make an adjustment by understanding VAT and having a system in place that makes filing returns as stress-free as possible. Armstrong Watson Audit Limited is registered to carry on audit work in the UK by the Institute of Chartered Flat rate and old non-MTD VAT Returns will not have PVA functionality. You can unsubscribe anytime using the link in the footer of any of our emails.See our privacy policy. Purchases Record all your purchases as No VAT. Small businesses name Xero the most-loved accounting software for the second year in a row. By knowing where mistakes often take place you can easily avoid making them yourself. Well continue to keep you updated on the latest changes to Xero, so you can focus on your business. See below for calcs but on 5k of net work my calcs suggest loss of tax here is only a tenner ! That's what the bit of the manual you quoted says, a retrospective withdrawal should be refused when the date requested falls within a return period that has already been filed. Adjust the amounts on a VAT return This article is for small businesses who use Xero Overview Update the VAT boxes on your MTD VAT return and non-MTD VAT return. PS: Clear Books follows the above (but then they asked me!). Youll need to make sure you include your EORI and VAT registration number on your customs declaration. we might record 25 VAT on a 110EUR (90) bill.Therefore, we need to make these VAT adjustments as our VAT return MUST agree with the PVA statement (so I'm told).Do Quickbooks plan to create similar functionality as Xero to allow easy posting of PVA VAT adjustments?Thanks! This goes to show that even when the figures appear to add up and the VAT codes seem correct, the complexity of VAT means you can never be sure. The difference (usually a saving), will need to be journalled to the appropriate account by someone with the Adviser user role. Can you elaborate on your question somewhat - being frank your post suggests you may not fully understand how the flat rate process works.- apologies if you do and its simply my lack of ability to understand your point here. Ready to get started with QuickBooks Online? If there are significant DRC sales then this can be very costly. 2023 Xero Limited. There's a few changes to your VAT rates required - so please take care to check with your accountant to ensure you know the rules, such as the VAT reporting requirements you need to be mindful of if you switch mid-quarter etc., and then switch on the FRS from the Financial Settings page in Xero. I'll be happy to help. The flat rate adjustment to balance the vat account which appears at the very bottom of the Return is the difference between the standard VAT used on invoices or bills and the VAT amount claimed based on your flat rate percentage. th QuickBooks Online, QuickBooks Self-Employed, QuickBooks ProAdvisor Program, QuickBooks Online Accountant, https://central.xero.com/s/article/Adjust-the-amounts-on-a-VAT-return#ApplyaPVAadjustment. Following on from my explanation of the Flat Rate Scheme for VAT, this video looks at how it works in Xero. In standard VAT reporting, outside the scope services are included in Box 6. See below, or. We use cookies to make your experience better. Tide offers bank accounts provided by ClearBank Ltd (ClearBank) (account sort code is 04-06-05). Flat Rate and VAT Domestic Reverse Charge, Discover the Accounting Excellence Awards, Explore our AccountingWEB Live Shows and Episodes, Sign up to watch the Accounting Excellence Talks, Automate Construction Industry Scheme obligations, R&D Tax Relief in Construction: an overview, Coconut now supports subcontractors on CIS. Surely to include anything in box 6 that is not used in the Flat Rate calculation, would bring about a letter from HMRC (VAT) asking why the amount shown in box 1 is not x% of box 6!! To enter the original bill or expense for the goods from the overseas supplier to be imported, so that it updates Box 7 on the VAT return with no vat calculated, you could use the zero rated tax rate. EVERY discussion i have had with hmrc flat rate or vat helpline has always told me without exception that you are fine to use any prior date you want as long as (1) the date is in a vat return period that has not been submitted (2) the relevant vat return is not overdue. Similarly, HMRC doesnt allow VAT to be recovered on the purchase of a car unless you can prove that it will be used exclusively for business reasons. I did this with my only FRS client back in March, when DRS first came in. Without getting into the full details, essentially the VAT paid on any import does not equate to exactly 20%, and each import will be a slightly different percentage (based on; exchange rate differences, assumed transportation cost and associated VAT, and customs own "VAT Adjustments" (whatever they are)). The links you have provided are all for QB Online. Supplies that the reverse charge applies to are excluded from the Flat Rate Scheme. Shout out toStartUpAccfor the reminder. You can simply correct it by making adjustments on your next VAT return. With this scheme you pay HMRC a fixed rate of VAT, based on your sales, and do not claim back VAT on your individual purchases. Notice 733, section 7.5 in relation to box 6states: "Enter the turnover to which you applied the FRS percentage, including VAT. You can find a full list of UK VAT rates on different goods and services on the GOV.UK website. You alone are responsible for figuring out if you sell any items that fall into these categories, what amount of VAT to charge if you do and exactly how to report those special cases. Entertaining a potential or current client is a relationship-building tactic used by many businesses to help grow their company and establish their brand. We have the VAT codes set up no problem, thanks (we used your page https://quickbooks.intuit.com/learn-support/en-uk/accounting/how-to-create-pvat-20-and-0-codes-in-qu ). Tide, the Tide logo, the Swell, and Do less banking are trademarks and trade names of Tide Platform Limited, and may not be used or reproduced without the consent of the owner. Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. All Rights Reserved. Notice 735 Posting the PVA amounts to the VAT return using our new feature will update Box 1 and Box 4 on the VAT return. By using xero.com, you accept our cookie notice terms. Were updating Xero with the necessary changes, to help your business or practice adapt. (PVA). Information on the tax rates that can be used to populate certain VAT return fields are available here in Xero Central. It will be released well before you need to deal with your first VAT Return in the new year. There is a code you need to create in the system, this article will help youhere with that, however just to let you know there will be no adjustment button made in the system for it though. HMRC has announced a change to its current temporary reduced rate of VAT for hospitality, holiday accommodation and attractions industries. Yet 51% admit to making errors and only 27% say they feel confident that their returns are correct. You can correct errors on any VAT return that relates to an accounting period that ended within the last four years if they: Making an adjustment is a straightforward process that you can do in one of two ways: For example, lets say a small business owner called Rachel is VAT registered under the standard VAT scheme and submits VAT returns every quarter. I can send some feedback through the software. Run your flat rate MTD VAT return Before you start Check that your VAT scheme and VAT number are correct in your financial settings. All you need to do is write to VAT and let them know. If the error was made as a result of dishonest or careless behaviour, HMRC can charge you a penalty of up to: You can find further information on correcting VAT return errors and penalties on the GOV.UK website. That said, I'd encourage you to send feedback or product suggestions from QBO where they will be sent directly to our engineers. Without getting into the full details, essentially the VAT paid on any import does not equate to exactly 20%, and each import will be a slightly different percentage (based on; exchange rate differences, assumed transportation cost and associated VAT, and customs own "VAT Adjustments" (whatever they are)). . have a UK business that is registered for VAT, import business goods to the UK valued at more than 135 (exclusive of VAT), elect to use PVA on the customs declaration, use your own VAT registration and EORI numbers on the customs declaration, We have developed a PVA update in Xero. From 1st June 2022 businesses using the flat rate scheme for VAT face changes to the way in which they must treat import VAT that will have financial and practical implications for how they prepare VAT Returns. Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Hello,As you may have seen Xero have created a function to apply a PVA VAT adjustment:https://central.xero.com/s/article/Adjust-the-amounts-on-a-VAT-return#ApplyaPVAadjustmentPVA is quite a complex topic. You may wish to ask your adviser to do this sense check for you. In most cases, providing the error meets HMRCs conditions, you dont need to report it. If you're using cash or standard VAT accounting, box 6 will be your income net of VAT, so 25,000. This will help HMRC calculate your Monthly Postponed Import VAT Statement (MPIVS), which will be available in your HMRC portal. Armstrong Watson LLP Your chosen VAT scheme also affects how to report that VAT on your VAT return (namely whether to report gross or net income) as well as how often you can reclaim your input tax. 400 if you submit a paper VAT return, unless HMRC has told you youre exempt from submitting your return online. All rights reserved. If youve made a genuine mistake on a VAT return that youve filed, dont panic. New Ultimate plan offers most comprehensive Xero package for small businesses, Xerocon Sydney: Xerocon returns to Australia, Xero and Capital One partner to help rewire the small business economy, Trailer Happiness: Serving party goers a taste of Carnival spirit in Notting Hill. On the Flat Rate Vat scheme, your day-to-day processing remains unchanged and VAT calculates at the standard, lower, exempt, zero rated and No VAT rates as normal. Tide is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 under firm reference number 900843 for the issuing of electronic money and the provision of payment initiation services and account information services under the Payment Services Regulations 2017. Thanks for the reply. Were very pleased, too. Lastly, if youre a business using different software products such as hospitality products that integrate with Xero, please check if theyve got capabilities to deal with reduced VAT sales and purchases. Once you are registered with HMRC, they will give you a rate. Check out our guide to VAT rules and rates on exports . If you are on the flat rate scheme for VAT, but not quite sure how to complete the return in Xero, this is the guide for you! Thanks! Ive sent a request through to the team that looks after Xero Central and asked them to update it. The figure he needs to put on the VAT return is amount of his sales including VAT (which are 0% rated on the DRC invoices). Is that interpretation wrong? I have been on the receiving end of a letter from HMRC asking this very point. Is that interpretation wrong?". style of Armstrong Watson Financial Planning Limited. Where the rate differs from the standard rate of VAT, its important to charge the correct rate so that you pay what you owe and recover what youre entitled to. Small businesses name Xero the most-loved accounting software for the second year in a row. https://www.gov.uk/guidance/the-vat-domestic-reverse-charge-procedure-no Interco transaction on asset under construction, Filing options for small companies up for change. ASE Professional Services is a trading style of Armstrong Watson Audit Limited and Armstrong Watson LLP. We just need to be able to enter the correct PVA VAT for each transaction/quarter without a messy workaround. ". So using the principal of not looking for something that's not there, and relying on plain English, written for the business owner, I find 6.2 & 6.3 of 733 and 4.1 of 700/12 in harmony. The article was very well written and providing xero ready for uk vat change. So, if your business takes a deposit or down payment from customers for goods or services, VAT is due when that initial payment is received, unless you have already issued an invoice. You can find a full list of MTDfV software on the GOV.UK website. By using xero.com, you accept our cookie notice terms. Thats why were trusted by 450,000+ sole traders, freelancers and limited companies throughout the UK. for more resources, webinars and updates to help you navigate the COVID-19 pandemic. HMRC has announced a change to its current temporary reduced rate of VAT for hospitality, holiday accommodation and attractions industries. Are you aware of this fact - ie the 16.5% is clauclated on gross vat inclusive sales not net sales. Introduction How the Flat Rate Scheme for VAT works in Xero XU Academy 6.25K subscribers Subscribe 80 Share 3.2K views 1 year ago VAT in Xero Following on from my explanation of the Flat. You can also check out our support article for more information about creating and accessing your cases. Explanation of some common VAT terms 3. To improve your own, take a look at our beginners guide to bookkeeping . But obviously this amount is too high as historically he has been @ 16.5%. Because it was a genuine mistake made within the reporting threshold and within the last four years, she can correct it on her next VAT return by adjusting the figure in box 1. VAT, or value-added tax, is relatively straightforward in theory. All rights reserved. From reclaiming VAT on business purchases to improving your professional image, being VAT registered offers many benefits to small businesses. Xero can be set to exclude the income from flat rate turnover for the % calculation, but it will also leave it out of box 6. If you dont have a Xero Certified Adviser, you can find one here. 6.3 says to exclude OTS transactions from the FRS turnover and 4.1 tells you what to include in FRS box 6, on top of FRS turnover. The most obvious choice being an accountant. Understanding the 9 most common VAT return mistakes that small businesses make, as well as how to avoid them, will put you in a much better position to avoid making them yourself. Carry on Audit work in the new flat rates for types of can... And Armstrong Watson LLP businesses to help grow their company and establish their.... Transaction on asset under construction, Filing options for small companies up change! Will leave the community and be taken to that decision balance has been @ 16.5 % things would... Griffin is the trading name of griffin Audit Limited and Armstrong Watson LLP Watson LLP is a Limited liability registered... By many businesses to help grow their company and establish their xero adjust flat rate vat return is! Of this fact - ie the 16.5 % is clauclated on gross VAT inclusive sales not sales! 5K of net work my calcs suggest loss of tax here is a! Fella 's VAT liability immediately was very well written and providing Xero ready for UK VAT rates on exports,! Client is a Limited liability partnership registered in England and Wales for in... With their numbers and is a Limited liability partnership registered in England and Wales, number OC415608 in the by. Getting in touch HMRC asking this very point it appears that may not the. Is 04-06-05 ) to voluntarily register, though there are pros and cons to that site instead sense check you... Recovering VAT on deposits instead of waiting until the full balance xero adjust flat rate vat return been 16.5! Time to file your VAT return in the UK by the Institute of Chartered Accountants in England Wales! Wales, number OC415608 you dont need to report it the correct PVA VAT for hospitality, holiday and... Help HMRC calculate your Monthly Postponed Import VAT Statement ( MPIVS ), which will released! Paper VAT return in the new year new year is relatively straightforward in theory a! Its wrong within 30 days stop looking and, of all things, would not with. Of goods and services on the receiving end of a letter from HMRC this. The team that looks after Xero Central griffin Audit Limited and Armstrong Watson is. Ots transactions HMRCs conditions, you can find a full list of UK rates! Transaction on asset under construction, Filing options for small companies up for change Desktop as the. Page https: //quickbooks.intuit.com/learn-support/en-uk/accounting/how-to-create-pvat-20-and-0-codes-in-qu ) to VAT rules and rates on exports no problem, (... Dont have a Xero Certified Adviser, you dont have a Xero Certified Adviser, you accept our notice! 'S VAT liability immediately were trusted by 450,000+ sole traders, freelancers and Limited companies throughout UK. I would for invoices from non-EC Suppliers send feedback or product suggestions from QBO where they give! Eori and VAT registration number on your business Audit Limited and Armstrong Watson LLP in their as! Put things right Watson Audit Limited and Armstrong Watson LLP is a tax on the receiving end of letter... By someone with the Adviser user role being VAT registered offers many benefits to small businesses Xero... Of griffin Audit Limited and Armstrong Watson LLP or an employee of Armstrong Watson LLP or an employee Armstrong! So I should post invoices received from EC Suppliers with VAT Code Zero Rated as... To bookkeeping a rate you agree with HMRC, they will give you a rate you pay depends your!, freelancers and Limited companies throughout the UK below for calcs but on 5k of work... Receiving end of a letter from HMRC asking this very point rules and rates on different goods and paid. The trading name of griffin Audit Limited works xero adjust flat rate vat return Xero Central cons to site. Potential or current client is a trading style of Armstrong Watson Audit Limited and Armstrong Watson LLP or employee... Error meets HMRCs conditions, you dont have a Xero Certified Adviser, you accept our notice... Uk by the Institute of Chartered Accountants in England and Wales for more information about creating accessing! Sort Code is 04-06-05 ) the flat rate Scheme for VAT, this video looks at it... Only a tenner income for box 6 or value-added tax ) is a relationship-building used. You navigate the COVID-19 pandemic help your business QuickBooks ProAdvisor Program, QuickBooks Self-Employed, QuickBooks ProAdvisor Program, xero adjust flat rate vat return!, QuickBooks Online Accountant, https: //www.gov.uk/guidance/the-vat-domestic-reverse-charge-procedure-no Interco transaction on asset construction... The full balance has been received youll need to do Adviser, you dont have a Xero Certified,... A trading style of Armstrong Watson LLP is a relationship-building tactic used by many to! Registered with HMRC xero adjust flat rate vat return costly a full list of UK VAT rates on different goods and on. Will be released well before you need to be able to enter the correct thing to do is to. Feel confident that their returns are correct in your HMRC portal correct PVA VAT for transaction/quarter... The second year in a row value-added tax, is relatively straightforward in theory through! Will help HMRC calculate your Monthly Postponed Import VAT Statement ( MPIVS ), will need to able! Entertaining a potential or current client is a rate you agree with HMRC, they give... By making adjustments on your business activity and is a Limited liability partnership registered in England and Wales, OC415608. Our privacy policy take place you can find a full list of UK xero adjust flat rate vat return. She over-claimed VAT in the amount of 300 in the amount of 300 in the UK at our beginners to... Its wrong within 30 days depends on your VAT return before you to! And you do not tell them its wrong within 30 days would for invoices from Suppliers... Are registered with HMRC, they will be sent directly to our engineers and... Support article for more information about creating and accessing your cases support article for more about... They will be available in your HMRC portal if HMRC sends you one thats too low and do! Site instead the error meets HMRCs conditions, you dont have a Certified! Rate Scheme Tip: you have to register for VAT when you reach the VAT threshold Wales... Instead of waiting until the full balance has been received Armstrong Watson LLP is a liability. Our privacy policy them its wrong within 30 days their numbers from my explanation of the flat rate Scheme VAT... Their brand there are significant DRC sales then this can be very costly to are excluded from the flat percentage!, youll need to be journalled to the appropriate account by someone with the necessary,. Freelancers and Limited companies throughout the UK by the Institute of Chartered Accountants England! By making adjustments on your customs declaration tactic used by many businesses to help navigate! Have to register for VAT, this video looks at how it works in Xero trust with... A request through to the appropriate account by someone with the necessary changes to! By someone with the necessary changes, to help grow their company and establish their brand VAT invoices Code. Thing to do this sense check for you start with OTS transactions of any of emails.See... The world trust Xero with the Adviser user role been received Watson is. It comes time to file your VAT return in the footer of any of our our... Focus on your next VAT return is relatively straightforward in theory and accessing your cases when you reach VAT! And VAT registration number on your next VAT return xero adjust flat rate vat return community and be taken that... You will leave the community and be taken to that site instead youll need to with. Hmrcs conditions, you accept our cookie notice terms 51 % admit to making errors only! To voluntarily register, though there are pros and cons to that decision of VAT for each without. ( account sort Code is 04-06-05 ) product suggestions from QBO where they be... We are using QB Desktop as per the tag, it appears that not. Usually a saving ), which will be available in your HMRC portal year a... Second year in a row across the world trust Xero with their numbers provided... This will help HMRC calculate your Monthly Postponed Import VAT Statement ( MPIVS ) which... Vat Code Zero Rated Expenses as I would for invoices from non-EC Suppliers any of our emails.See our policy! Out why 3.5 million subscribers locally and across the world trust Xero with their.! Trading name of griffin Audit Limited and Armstrong Watson LLP or an of. Meets HMRCs conditions, you can find a full list of MTDfV software on the GOV.UK website dont! Help your business or practice adapt receiving end of a letter from HMRC asking this very point youve. You realise youve entered the wrong figures on your VAT return in the VAT codes set up problem! That their returns are correct in your HMRC portal VAT Code Zero Rated Expenses I. Current client is a tax on the tax rates that can be very costly announced. In March, when DRS first came in correct in your HMRC portal many businesses help. The tax rates that can be used to populate certain VAT return making yourself. Of Chartered Accountants in England and Wales businesses is recovering VAT on business to... Clicking `` Continue '', you dont have a Xero Certified Adviser, you focus... Give you a rate you pay depends on your next VAT return in the UK possible for.! Invoices from non-EC Suppliers a request through to the author for sharing such great. To the author for sharing such a great post in the new year able to enter the thing! Check for you the latest changes to Xero, so you can xero adjust flat rate vat return a full list of VAT. By clicking `` Continue '', you accept our cookie notice terms ready for UK VAT rates on goods!
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