Whilst filling out my vat return, i used your tool to calculate all figures. Problem is the figures don’t add up. eg cost of purchases was £3k+ but vat return calculator shows it as £17k+. Am I being thick, or done something wrong, or it has calculated it wrong.?
Hi @BSL
There are a few factors that are taken into account when calculating your VAT return. For example:
-
If this is your first VAT return, what is your VAT start date? Any sales or purchases not claimed between your start date and your return end date are brought in
-
Any unclaimed sales or purchases are brought forward. If you’ve back-entered data (e.g. a missed invoice from February), it’s brought into the calculation
-
Are you on cash or accounting? Depending which scheme you use, depends on how the return is calculated.
The best thing to do is check the backing report by clicking the “Download Calculations” button and cross reference the data with what you believe should be on there. Of course, if you have any questions regarding these items (“why is item X on the return?”), then we can try to shed some light onto this for you.
Hope that helps.
Thank you I’ll take a look
This topic was automatically closed after 7 days. New replies are no longer allowed.