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Account for VAT - Multiple Countries


#1

Please can somone help with a VAT related query. We have been VAT registered in UK for some time now and Quickfile VAT feature has worked well. Starting May 2017, we are now also registered in Italy and made our first VAT payment to Italy directly for our sales in Italy. How do we tag this payment in Quickfile (like we tag HMRC VAT for UK VAT)? Also, Italy has a VAT rate of 22%. How do we add this as a VAT rate option in Quickfile? Many thanks in advance for your insights!!


#2

You can setup additional VAT rates in Accounting Settings >> Advanced Features:

The problem is separating out your Italian sales from your UK sales and outputting these to distinct reports. QuickFile does not support VAT accounting rules for Italy and can be used only to prepare and submit UK VAT returns.

You would need therefore to mark your Italian sales as out of scope for UK VAT, so they don’t appear on the UK return. You would then need to manually calculate your Italian Sales (you could apply a project tag to isolate them) and from there to export and prepare the Italian VAT return.


#3

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