I am now putting together my first VAT return (which is well overdue). Because it is overdue I have made a series of interim payments as requested by HMRC. These have then been paid and then tagged into VAT Liability as a Debit.
I have set up the VAT account and calculated my first return to 30/11/2013. Having downloaded the calculations I cannot see if these interim payments have been deducted from my liability or not?
Is there a way I can determine what has happened to reconcile this?
You vat payable and input vat would be recorded as per your transactions records and so are your interim payments, there wont be any net of deductions shown in accounts as such. Net balance due or refund from final return and interim payments , that is something you need to find out from HMRC online or call them
Thank you for your speedy reply. These are the figures from my VAT return that has been generated within Quickfile:
Vat Due on sales - 28252.33
Vat Due on Purchases - 19798.27
Net Vat to pay to HMRC - 8454.06
So am I correct in saying this? That no allowance has been made in these figures for the £3011 paid to HMRC and recorded in Quickfile during the same period? (as I cannot see any allowance being made in the download calculations)
Assuming that no allowance has been made I assume that I reduce the Quickfile number of 8454.06 by 3011 on a manual lodging of the return?
You need to submit your vat return as it is with Net Vat to pay to HMRC - 8454.06
Once submitted and time to pay HMRC, you need to make payment of 8454.06 less 3011
Great stuff thank you. I am surprised no allowance is made for this in the Quickfile system?
if you look at your balance sheet, vat liability account should give you net payable 8454.06 less 3011. There is no as such portal required to reflect real time balance with HMRC in any accounts system