Preparing VAT Return

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1

Prepared VAT return but noticed the figures shown were incorrect. My mistake so corrected purchase invoice dates. Prepared VAT return a second time but the return doesn’t update to reflect the changes made.

2

Hi @robbielaurence

Can I just ask whether you are on cash or accrual returns?

Thanks in advance!

3

Hi

Cash

Thanks

Robbie

4

Hi @robbielaurence

Thanks for confirming. Are the purchase invoices all marked as paid (or partially paid)?

5

Hi

Yes, all paid in full.

Thanks

6

When were the payments made? On cash accounting it’s the date of payment that determines which quarter each item belongs to, not the date of the (sale or purchase) invoice. Something dated 30th July but paid on 2nd August belongs to August, not to July.

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Receipt and Due dates are the same for all purchase invoices.

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OK, and what dates were the payments actually made? The “due date” from the purchase invoice is just a set number of days from the purchase invoice date.

At the top of the purchase invoice there should be a link to one or more payments that have been assigned to the purchase, it’s the dates of those payments that matter when deciding which VAT quarter you can claim back the VAT. This is the quid pro quo of cash accounting - on “traditional” VAT you might have to pay sales VAT to HMRC before you’ve been paid but you might also be able to claim back purchase VAT before you’ve paid it, on cash accounting you can wait until you’ve been paid before you have to hand over the sales VAT but conversely you have to wait until you’ve paid your suppliers before you can claim back the purchase VAT.

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9

Hi Ian

Yes, that appears to be the problem, the payment dates on some of my invoices are incorrect. How do I now correct this?

I can see there are links to ‘Detach’ or ‘Delete’ the payment.

Thanks in advance.

10

I can’t remember offhand whether it’s possible to change the date of a payment from the “payment” screen itself (try clicking on the date and see if it is editable), but every payment is associated with a bank account transaction and you can definitely change the date of the transaction in the bank account by clicking in the date column.

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11

Thanks Ian

I corrected the transaction dates in my bank accounts and the VAT return then reflected these changes.

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