VAT Calculation is wrong in Quickfile...I think

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Hi I am new to Quickfile and am running my first vat return between Feb 2020 and April 2020. I have set the VAT periods and the start date of the first VAT return as 05/02/202. The total amount of sales for that quarter is £3850 and the flat rate for the account is 13%. My calculation shows the VAT should be £500.50. Quickfile shows the VAT as £546…helpppppppppp please

cheers

Paul

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Hi @GrumpyPaul

Have you downloaded the calculations to see how this has been calculated?

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Is that £3850 including or excluding VAT? Flat rate VAT is a percentage of the gross VAT inclusive sales, not of the net.

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Hi and thanks for the reply I was unable to find a way to do this …could you explain please

Thx Paul

5

The “export” button at the top corner of the VAT return form will give you a CSV you can open in Excel/Numbers/Google Sheets detailing exactly which invoices or payments (depending if you’re on accrual or cash accounting) make up the totals in each box. If you’re on cash accounting for example it might be that you received a prepayment at the end of April for something that wasn’t invoiced until May, but that payment still counts towards the April return.

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