I am new to QuickFile. First impressions are generally strong but I am struggling a little I must admit… It seems a bit, clunky.
Anyway, I am trying to add in a Purchase so that I can claim back VAT as I have done in the past with FreeAgent, but anything I put in doesn’t get seen as a ‘Vat Item’ in the VAT Return… How does it all get calculated?? Am I doing something wrong?
Is there a guide on this at all?
Any info would be great.
If you added the correct vat code on the purchase, vat will be calculated and reclaimable.
Go to reports, chart of accounts and look at 2201, purchase tax, you will see the vat reclaimed on each purchase.
Or run a vat return to check.
I’m sorry to hear that you feel it’s a bit clunky. But any suggestions are welcome.
With the VAT return, what VAT scheme are you using - cash or accrual? Are you on the flat rate scheme?
Thanks for the reply Eddie.
I see the purchase on there, and I see a value (it shows at the bottom as well as in the column you said) but when I ‘prepare’ my VAT return it shows £0.00… and when I click the magnifying glass it says ‘No VAT Items’ in the list…
Thanks for the reply Mathew,
I am accrual I believe as I am VAT registered.
I used to have an accountant that did this for me but I make WAY less in this business than the accountant cost so I had to stop doing it… I am trying this service but I am struggling a lot. It doesn’t seem like there are any guides on how to do basic things, something that I feel is missing for this service. I am a newbie, of course… Maybe I just dont understand it.
All I want to do is input my receipts and have it make a VAT return but nothing works.
Things you may need to check.
Vat settings - start date of your vat return.
Invoice date is either after the start date or before the vat return period end.
The start date under vat settings may be wrong. And therefore doesn’t grab the purchase as its dated outside the settings.
There are a few things which could be causing it. Like @Paul_Courtier mentioned, the start date is one that can catch you out.
The other thing to consider if your VAT accounting method, which is why I asked about which one you were using. Accrual basis uses the invoice date, whereas cash basis uses the payment date. An unpaid invoice wouldn’t be included on cash basis.
What scheme you use would have been decided by you/your accountant (depending if you meet the criteria for cash accounting or not), and can be changed in your VAT settings.
You can be either, being VAT registered doesn’t mean you are on accrual. I’d be surprised if you were if you are turning over so little. Probably worth checking with HMRC on this if you’re unsure as it makes a big difference.
It depends on your business type - I deliberately chose accrual when I registered because my business doesn’t give credit to customers but does take credit from suppliers, so accrual benefits me in that I can occasionally claim back VAT on a purchase earlier than I could on cash accounting.
okay, make sure, you know your account scheme, cash or accrual, as this makes a big difference.
Then in your vat setting, as you know the vat is being calculated, hence in 2201, that the vat period is set correctly. Month commencing.
It was the dates showing in a different VAT return as I had changed my VAT periods to a different set of months. Thanks for the replies all!
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