This webinar may also be helpful: https://vimeo.com/727361252
(Peter Rayney - tax strategies for owner manager businesses in 2022/2023 - webinar for The Tax Recruitment Company)
Thank you! The previous period's income even when corrected to the gross basis is still under the 10k threshold. Should I try to correct the past annual returns?
Thank you! Just to clarify – can I enter the invoice for B’s site in A’s books as I/loan (no VAT) and in B’s books as ‘utilities’ (at 5% VAT), even though it is not addressed to B?
Thank you for your reply. Both businesses are registered for VAT and are running ordinary trades (farming). I assume that B is charged VAT at the reduced rate due to the low electricity usage. Can I enter both invoices into A's books as they are (even though the supply is not to A) and then issue a recharge from A to B? And if yes, can the recharge be at 5%?
Intuit is rolling out the integration between QBO users in the US right now (called the "Intuit Business Network", in beta). An invoice one user creates shows up as a bill to be approved and categorised in the account of another user. Presumably, we will see it in the UK sometime soon, unless the privacy law prevents it.
If you can go into an individual transaction, in the bottom centre of the window is the "More" button. When you click on it, it gives you an option to see the Transaction Journal, which shows you the debit and credit.
My answers
Hi Tom,
Do you still remember which youtube resourses you used and can recommend? (there are so many of them :). Thank you in advance!
This webinar may also be helpful:
https://vimeo.com/727361252
(Peter Rayney - tax strategies for owner manager businesses in 2022/2023 - webinar for The Tax Recruitment Company)
Thank you! Good luck to you too, with the two remaining!
Thank you! The previous period's income even when corrected to the gross basis is still under the 10k threshold. Should I try to correct the past annual returns?
Thank you once again. Both invoices are issued to A.
Thank you! Just to clarify – can I enter the invoice for B’s site in A’s books as I/loan (no VAT) and in B’s books as ‘utilities’ (at 5% VAT), even though it is not addressed to B?
Thank you, I will check if cheaper rates were obtained.
Thank you for your reply. Both businesses are registered for VAT and are running ordinary trades (farming). I assume that B is charged VAT at the reduced rate due to the low electricity usage. Can I enter both invoices into A's books as they are (even though the supply is not to A) and then issue a recharge from A to B? And if yes, can the recharge be at 5%?
Intuit is rolling out the integration between QBO users in the US right now (called the "Intuit Business Network", in beta). An invoice one user creates shows up as a bill to be approved and categorised in the account of another user. Presumably, we will see it in the UK sometime soon, unless the privacy law prevents it.
If you can go into an individual transaction, in the bottom centre of the window is the "More" button. When you click on it, it gives you an option to see the Transaction Journal, which shows you the debit and credit.