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VAT Return Boxes 6 & 7

#1

Hiya, Having just entered my first two test transactions, A bank debit and a Bank credit, I then ran the VAT return to find the VAT is correctly shown (both transactions were for £1).

BUT, Boxes 6 & 7 on the VAT return should show the figures EXCLUDING Vat, they do not, they are showing the gross figure.

Is this known? am i missing something?


I plan to use this for MTD VAT submissions, so am concerned by this.

Any advice would be appreciated

Cheers

#2

I would double check with an accountant to be sure; but when you download the backing report do the values show differently?

The difference is probably due to rounding.

Hope this helps

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#3

Try some higher-value test transactions - boxes 6 and 7 are rounded to the nearest whole pound so it’s rounding up £0.83 to £1.

If you tried a test transaction of, say, £12 including VAT, then you’d see £2.00 in box 1/4 and £10 in 6/7.

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