ellisn
2nd January 2009, 10:49
I have recently registered for VAT and just discovered that as I did it online I should have been using VAT since 15th December. I thought I would be getting a letter giving a starting date but no not when registering online.
I use Quickbooks Simplestart and I guess I am going to have to delete all receipts since Dec 15th and re-enter so they take into account the 15% VAT. This is a pain as it means going through over 100 purchases but I guess this can't be helped.
My main question is I know I can claim back VAT on imported stock I still had on the 15th December even though purchased using a psuedo turn. But where in Quickbooks do I enter this figure? Do I create a new entry in my chart of accounts 'Stock - VAT'? and if so what type is it? Or do I put it directly into the VAT liability item as a minus figure then do the same for future VAT payments I make on stock imports from outside the EU?
I did speak to an accountant who said I didn't need an accountant as my business only really needed basic book keeping.
Neil
I use Quickbooks Simplestart and I guess I am going to have to delete all receipts since Dec 15th and re-enter so they take into account the 15% VAT. This is a pain as it means going through over 100 purchases but I guess this can't be helped.
My main question is I know I can claim back VAT on imported stock I still had on the 15th December even though purchased using a psuedo turn. But where in Quickbooks do I enter this figure? Do I create a new entry in my chart of accounts 'Stock - VAT'? and if so what type is it? Or do I put it directly into the VAT liability item as a minus figure then do the same for future VAT payments I make on stock imports from outside the EU?
I did speak to an accountant who said I didn't need an accountant as my business only really needed basic book keeping.
Neil