Postponed VAT Question

[stephenlawes]

Hi, im sorry if this is a stupid question but im just wondering if anyone may know the answer to this,

currently i get quite a few shipments from the EU coming through TNT who now calculate all the Fee’s / Duties ect,

they have been given quite a few months lee-way from HMRC to submit the paperwork for these shipments and deliver them to myself before that has been processed,

i still have not recieved some paperwork from early january, and whilst all these shipments are using postponed VAT accounting (and i have ticked the box on quickfile) the actual figure is not always the same as what quickfile populates at the time of making the payment as TNT likely use a different exchange rate,

this isnt a problem if TNT supply the paperwork within a week or 2 as i can easily adjust this on quickfile but my concern is once a VAT return is due if i do not have the paperwork from TNT for the actual VAT on these boxes (even though it will result in still owing no more money to HMRC (outcome is the same)) the transactions are locked in on quickfile and no longer for obvious reasons be adjusted

im trying to work out how i can then update on quickfile if this does happen any extra or less in postponed VAT being logged for the next vat return, or if its not possible at all to do that or if i have to keep track off quickfile the amount and manually adjust it when the next return is due to correct it,

thank you

[QFBeth]

Hi @stephenlawes,

If the paperwork comes back and the amounts are different then you can raise a credit for the original and then create a new invoice with the correct figures all dated the same as the original. This will then be picked up with your next return. It will work the same as you remembering to do a manual adjustment

[stephenlawes]

Thank you Beth thats great, so just to be sure i would set the date for the new invoice as the exact date the original was set as and even though it maybe in a different VAT accounting period the next return would still pull this information in from the previous months,

[QFBeth]

Hi @stephenlawes,

Yes, so your VAT return will have locked all of the transactions in place so you can’t edit them but if you enter any new data after the lock then these will all be pulled into the new return as they haven’t been locked down yet.

It works the same if you’ve had an invoice through late after submitting a return, it won’t have been included in the one submitted but it will be picked up in the next one

[stephenlawes]

thats brilliant thank you beth i appreciate your help