VAT Return EC Sales List

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1

Hi
Just set up the Quick files to enable MTD

As a test run I have entered the previous quaters details to ensure they match up with our manual version - All has gone to plan except for one rouge event!

I have multiple EC customers but invoices for one specific cutomer (in the Netherlands if that helps) for some bizzare reason is recognised on the VAT returns report but not in the correct quater - its put in the quater before???

Its tagged to an uploaded bank statement so the payment dates are not entered incorrectly and Ive deleted and entered the invoices twice and also re entered all the client details including checking it says “VAT Registered in another EC Member State” and double checked all data for this netherlands customer is entered equally to the other EC customers which are put into the correct quater and it is.

Of course this doesnt effect my VAT payment/reclaim values as they are neutral VAT - but they seriously effect BOX 8 on my VAT return as it is completely out of sync

Ive spend about 2 days cross checking everything and cant think of anything else I can do - Im sure its something simple Im missing but clearly cant see for looking right now

Any Help or advice would seriuosly be appreciated as I though I had got this MTD thing in the bag until this happened:worried:

Thanks in Advance

2

Cash accounting or accrual? Remember that box 8 has to be calculated on accruals basis even if the rest of your return is cash accounting.

3

we do cash accounting - I will have a quick look at this

But this does not explain the 5 other EC customers which are all following the correct proceedure in my return

Cheers

4

For the other 5, is it the case that the invoice and payment dates fall in the same quarter (in which case the cash and accrual basis would both give the same answer) or are some of them invoiced in Q1 and paid in Q2?

5

I can see that the problem customer is out of sync - Invoiced in Q1 and paid in Q2 so that explains something

At a glance all the others by shear luck are Invoiced in Q1 and paid in Q1

great stuff - so what do you advise is best course of action from here to stop me getting tied in knots at a later date??

Cheers

6

If you’ve previously been calculating your box 8 and ECSL on cash basis then I guess you’ll have to do a one-off adjustment to box 8 on your next return to include the value of the invoice that should have been in the previous return but wasn’t. Going forward QuickFile will put everything in the right quarters for you from now on.

(Disclaimer - I’m not an accountant - ask a real one if you want to be sure)

7

Thanks for info

Much appreciated - Im off to see my accountant next week so will get his final input

Once again thanks for throwing a light on it for me

Cheers

8

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