I have overclaimed VAT on purchases in previous returns (I reclaimed VAT on four items that had no VAT to reclaim). So I need to make an adjustment on my latest VAT return through QF. Can you tell me how I add an amount of overclaimed VAT to the return? When I put an adjustment figure into the adjustments in Box 1, Box 5 still says “NET VAT to be reclaimed from Customs”, even though there is in fact a net amount to be paid. So for example
Box 1: £0.00
Box 4: £300.00
So box 5 should calculate as VAT Due £700, but in fact reads Net VAT to be reclaimed £700.00.
Is this just that the text doesn’t update to reflect the adjustment? I don’t want to submit a return reclaiming a further £700 when in fact I owe £700!
Thanks for any advice.
Try negative -1000 in box 4 manual adjustment (red drop down arrow)
I’d enter VAT only credit notes for this rather than make an adjustment so you have a proper record of what is adjusted and why. As it stands your original invoices will still be wrong.
Hi, thanks for the reply. But the error was in my previous financial year and my accountant has made the adjustment in the accounts (showing the VAT as a creditor) and closed the year in QF. So I can’t apply a credit note to the original invoices and I don’t think I can create a credit note in QF without creating an invoice first. Any other thoughts would be welcome!
Hi, thanks for your reply. I’ve tried that but QF seems to ignore the negative sign and still says “NET VAT to be reclaimed from Customs”. Any other thoughts would be appreciated!
Lets see the screenshot plz
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