I use QF to calculate my VAT return, but I submit it manually. I set the VAT start date to the date I started QK which was 1st November 2012. My latest return is for May/June/July 2013. On checking the calculations in the downloaded spreadsheet, QF has ignored the start date (1st May 2013) and used everything from 1st November 2012! The VAT calculation is way out and I suspect my previous two returns are incorrect also.
To get a correct VAT calculation, do I have to set the VAT start date to the start date of each relevant VAT period?
A fix is needed to get the VAT calculation obeying the start date on the VAT form.
If you set the start date to the date you started using Quick File, all the transactions you enter into Quick File will be pulled into the first return. If you are filing your first return from May to July, you would set the start date as May 1st 2013.
Also I noticed that you don’t have any saved VAT returns in Quick File. When you generate your VAT returns you need to save them, otherwise the system doesn’t know that those items should be reconciled and excluded from future returns. If you pull the figures out and copy into HMRC every quarter they will include all the old transactions and the figures will compound.
To fix this you would need to set the start date to the date of your first return submitted through QF and then save each VAT return to the system. You should then end up with accurate VAT returns on Quick File. You will then need to calculate the differences against what you have actually submitted to HMRC and adjust out the figures in the next return.
Thanks for the update. I’ll go back to the start date (1st November 2012) and run the first two vat returns, saving them as I go. I didn’t want to lock the records as I had problems using QF initially (double entries, etc) so wanted to be able to go back and correct. I’m almost there now.
No probs. I would always recommend committing the returns and locking the records. If you decide however not to do this always slide the start date forward to match the first day of the VAT period before calculating the figures, otherwise everything prior to that date will get pulled forward into the return. The start date acts like a barrier to prevent this.
OK, Thanks. I get it now.
I have a similar issue in that I have set the date for QF to do my returns from the 01/08/2013 which is correct as last year I did it all myself pre working with QF.
I have done my first VAT online and via QF and saved it all so now have locked it all down, after a little cross checking with my own paper records, all good since there were also some records pre 01/08/2013 that were not included which is correct.
However, checking the next one more out of curiosity rather than anything else I appear to have pulled in a transaction from 28/07/2012??!! And to boot that is under the “purchases from other EC Member states” a company 26 miles away is classed as EC Member state? I will query that separately, but why does it appear at all here in next Qtr VAT Return?
@budscot I’ll pick this up on the other thread as @Joe has already replied on this one.