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Cis invoice example for IT

wondering what you need to do with quickbooks to handle the new cis v80 changes well watch on as a business accountant my team and i spent all day long helping business owners on their journey right now during march there's been some massive changes to the way vat works in the construction industry for many of you and as a result you're going to need to make some practical changes to how your software works in order to handle this in this video i'm going to show you exactly how to do that so let's get on with it so this is a screen on quickbooks you might see initially you're going to see your dashboard but i've done it on here so that we don't have too much data on here but so basically the way you turn on the drc the domestic reverse charge rates is you go into taxes and get a v80 and this is what you will see you then go up here and you go to edit tax edit rates and what it will do is it will give you all the potential rates that you've got turned on right now now your screen might look slightly different because this is something that's been ported over from a desktop version that's quite old so it's got more rates than you might see you might see a smaller amount but you click this little cog here and click include inactive and it'll give you all of them and what you're looking for further down here you'll see domestic reverse charges standard and reduced so you can turn those on and then they'll be there so there's your domestic charge for one domestic charge two and then if we look down you'll see that okay we've got everything we pretty much want on so that's all good so there you go so you've got those turned on you're now ready to go now i just wanted to show you one other thing so when you've got those codes turned on if you now go into your invoice in here and in the normal manner it gets your invoice if i just show you if you just had one on here for a hundred pound your code comes up as rc reverse charge cis it's really important not to use this one and actually in the tax rates you can turn this off so you don't get this by mistake but this is another code used when we were trading with europe and other places like that so what you want to use here is this rc cis depending what your supply was so if you normally charge that at the full rate if you charged that five percent rate previously you'd use that now one thing if you do normally do something like a new build so you've got zero rated v80 you're generally going to use the same code that you used to use and again yours might look slightly different but if you did have a zero rated code you would use that but for the new where you would normally charge 20 and now you're charging this make sure you use this code and what you'll see is the vat's gone there you go that's it now one of the things as we record in this video that this doesn't do which we've seen occur some issues with some of the people you might be billing is you should have here really on the message on the invoice a statement that says that this invoice is subject to the domestic reverse charge there's some actual wording that needs to go in there and currently so this is march just as it's become a new thing quickbooks doesn't automatically fill this and that can cause you problems so one thing i would suggest is that you put some other word in and i'll put some notes in the comments to the type of wording you could use that you'll just want to put in this message on the invoice otherwise you might encounter issues with some very picky suppliers we've seen it with clients already so there you go there's some tips this is what you need to do inside of quickbooks