How to record a VAT payment

[shephardservicesltd]

I’ve made a VAT payment to HMRC and need to record this in quickfile. The VAT return wasn’t done through QF, just advised from my accountant.

[QFSteve]

Hello @shephardservicesltd

If the bank transaction is showing, do the below

• Click Tag me

• Select Tax Payment

• Select VAT

If the bank transaction is not showing, do the below first

• View the bank account in QuickFile
• Click new transaction
• Enter the details and save

[ian_roberts]

@shephardservicesltd

The VAT return wasn’t done through QF, just advised from my accountant.

You will still need to record the VAT return in QuickFile somehow in order for there to be a liability that this payment offsets. The best way to do this is to create and save a VAT return for the relevant quarter in QuickFile, but if the numbers QuickFile comes up with do not match what your accountant gave you then you’ll have to work out how to reconcile the two.

The key thing a VAT return does in QuickFile is create a journal that takes all the VAT you collected off the sales tax control account and all the VAT you’re reclaiming off the purchase tax control account, and puts the difference (the amount you owe or are owed) onto the nominal called “VAT liability”. If you don’t want to use the QuickFile VAT system at all then you’d need to create an equivalent journal by hand from the numbers you have been given for boxes 3, 4 and 5 by your accountant.

Unless you’re on flat rate, then it’s more complicated.

[shephardservicesltd]

cheers Steve, sorted