Scrap Metal Dealer VAT Adjustment

[CarolynV]

Some help please… I’m new to Quickfile, so please excuse my ignorance if there’s a simple way to do this.

We are a VAT registered company. We sold some scrap metal to a dealer, but they provided a “Self Bill” showing zero VAT at the end of last quarter and we created a corresponding invoice (no VAT).

VAT return was submitted whilst the error was being amended.

We now have a credit of £80, which is pure VAT. How do I capture this in QF and pass on the full £80 to HMRC in my next VAT return?

Thanks in advance.

[QFBeth]

Hi @CarolynV,

I believe the only way you will be able to do this would be to create the invoice with two lines.

The first line being -£400 + VAT @ 20% = £80
and then the second line of £400 @ 0%

The £400’s will cancel eachother out and you’ll be left with just the VAT.

Hope that makes sense?

[CarolynV]

Perfect sense. Thank you