Submitting VAT return - How to record payment to HMRC?

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1

Hi,

Sorry if this question has been asked before but I can’t find it on here…

I’ve just submitted latest VAT returns (from reports), I pay HM Revenue & Customs directly from my bank account and my accountant files the necessary. So, do I still need to create a new purchase on the system with the VAT return or will the system take care of that automatically ? How do I check that the system has deducted the VAT amount paid ?

Thanks for your help.

Kind regards,
Vik.

2

Payments to HMRC for VAT aren’t normally issued against an invoice.

What happens is when you submit your VAT return in QuickFile it will post a liability to the VAT account (Nominal ledger 2202), you can view this by looking at your Chart of Accounts.

Now later HMRC will debit your account for the VAT owed. When you see this on your bank statement in QuickFile you would tag it from the bank as a payment for VAT and QuickFile will make another posting to nominal 2202 to reverse the previous entry created from the VAT return.

3

Hi Glenn,

Thanks - what if I am not using bank tagging ? How else can I post to nominal 2202 ?

4

I’m not 100% sure as I’m not VAT registered, but you should be able to tag it as a payment to HMRC and select VAT as a type. This should post it to the correct nominal code

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5

Even if you’re not auto-importing your bank statements you still use the bank tagging mechanism to record the payment - you can manually add a transaction to the bank account using the button at the top of the account statement view in QuickFile. The new transaction will appear as untagged, you then click the red button to tag it as a payment to HMRC.

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6

Thank you Ian_roberts, Parker1090 and Glenn for your help.

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