I’ve just generated my first VAT return and can see a few entries I don’t understand:
Box 6 Total value of sales exc VAT and box 7 Total value of purchases exc VAT have their values rounded, while boxes 1 to 5 do not, should I change these and include the decimals?
Box 7 Total value of sales exc VAT shows an amount different from 0, while I do not have any sales registered in Quickfile. The explanation I have is it’s coming from a purchase I made where I applied the reverse charge mechanism (this was covered and answered in another post of mine) - the amount matches. This is confusing that’s it’s appearing as a sale, do I need to put this manually to 0?
Box 6 Total value of sales exc VAT and box 7 Total value of purchases exc VAT have their values rounded, while boxes 1 to 5 do not, should I change these and include the decimals?
If is fine and standard practice for submitted figures to HMRC to be rounded, no need to adjust them
This article may help explain how reverse charge affects your return.
If you have processed it ass reverse charge the boxes would have been affected as per the linked article, you should not manually adjust the figures out.
While the support team are not accountants, we can not tell you what to process, if you are unsure I would recommend consulting your accountant.