I have done my first VAT return via QF and submitted online, all checked before submission just to confirm I concurred with QF on the sales and purchases and the totals, all good and gone through smashing easiest return ever.
Looking to the next Qtr out of curiosity and notice a value in the “PURCHASES FROM OTHER EC MEMBER STATES (Products)” section. What confuses me is why they are classed there? The company in question happens to be my previous employer and they are resident just 26 miles away.
Why is this not simply classed as all my other purchases are in the purchases section, why are they put in this section? The other confusing part is having set my QF VAT return date from 01/08/2013 I have a transaction from 28/07/2012 and not another from about a month later, surely neither should be there and why only the one from pre QF VAT date?
@budscot you are using the cash accounting method which will calculate the VAT liability based on the date of payment rather than the date of the invoice. The invoice #000009 was actually raised on 27th July 2012 however payment was only allocated to this invoice yesterday (17th November 2013) and that payment date was nominated as 2nd August 2013. This is ahead of your “VAT filing start date” so the transaction is getting brought forward into the return.
Now, the EC flag on this purchase is a slightly different matter. As @Joe mentioned that setting for the supplier may have been checked when the purchase was created (I can see however it isn’t checked now), this would have caused the purchase to be marked as EC. I have removed that flag so the purchase will no longer be attributed as EC, it will however still appear on the VAT return due to the aforementioned reasons.
Hope that sheds some like on the matter, get back to us if you have any further doubts.
Thanks Joe, I knew that would be something simple since I was not aware I had checked that particular box, it remains and should do with all of my suppliers unchecked and never appear. So that’s that.
The other one Glenn has arisen because I have been doing some tidying up and putting transactions payments and bank accounts all in order as they should be, so although I did RE-Allocate that payment yesterday they were infact allocated originally last August 2012, so I need to resolve or make this back to as it was so that it attributes payment as it was last August/September when payment was made recorded and also dealt with on a VAT return last November. Thoughts?
If you delete that payment and re-enter it with the correct 2012 date it will disappear from the VAT return. Give that a go, if you get stuck please get back to us.
