Total value of sales exc VAT = 17,801
Total value of purchases exc VAT = 10,593
NET VAT to be paid to Customs = -2032.06
These are way out. Looking at my bank account, for this quarter, I see I had no sales and my only purchase for £13.74 + VAT £2.75 = £16.49
Quickfile doesn’t seem to allow to to overwrite the figures which are wrong. Where are these generated figures coming from and more importantly how can i correct them?
Any advise would be much appreciated as I need to submit this return ASAP.
I’ve just noticed my VAT settings in Quickfile was set to ‘Accrual Accounting’ so I changed it to ‘Cash Accounting’ as I base my VAT Returns from my bank account activity. However my Reports > HMRC > VAT Obligations > Prepare > Generated VAT Return for 01/05/2022 - 31/07/2022 & 01/08/2022 - 31/10/2022) are now both showing
Total value of sales exc VAT = 41,936
Total value of purchases exc VAT = 13,330
NET VAT to be paid to Customs = -2,571.26
My company is almost dormant at the moment with all my recent previous VAT Returns (before MTD) submitted with zero sales. I’m confused where these massive Sales & Purchase figures are coming from. Is there a way I can overwrite the figures in the generated VAT Return? I don’t seem able to.
I see there is something called a “Bridging Module” in VAT Settings but can I use that when I use Quickfile for my accounting? It seem to suggest you can only tick this if you use Quickfile for VAT Returns only.
If you “export” from the VAT preparation screen it shows you exactly which items have been included in the total - it sounds to me like it’s pulling in all your past sales and purchases rather than just those for this quarter.
This is normal behaviour for QuickFile, it deliberately includes all entries prior to the quarter end date that are not locked by a previous return in order to account for any late entered items as soon as possible, but if you don’t want this you can set a “VAT start date” in your settings to specify the earliest point it should look back to.
What you suggested is exactly what happened, sweeping up all my transactions since 2018 into my latest Return! That export button is very useful. I ignored it at first because I thought it meant export the VAT Return only not the underlying transactions. Thanks for mentioning it. I’ve set the correct start date and now it all looks fine. I’ve just submitted my first electronic VAT return which worked flawlessly and I received the VAT confirmation email instantly. Very impressed. I used to do this VAT stuff manually.
Many thanks for your help Ian. I can now log off and go to bed, Good Night.