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HeadStart Clinics
February 19, 2019
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First VAT return - how to reclaim past purchases correctly?

  • February 19, 2019
  • 2 replies
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Hi all!

 

We are registering in a few days. How to we change/include VAT from relevant backdated purchases? 

 

I couldn't find a tutorial anywhere for this. Could someone help explain what we have to do in order to be able to do this? 

 

Our first return is due on the same date as my baby! Lol! So trying to get ahead on all this!

 

Vicki

Best answer by emmam6

Hello Community Users, If it is your very first return in Quickbooks and you want to reclaim past purchases in QuickBooks Online, you can make an adjustment to your current VAT account as stated in the article we have added you can make an adjustment to correct errors on past returns if they are:

  • below the reporting threshold
  • not deliberate
  • for an accounting period that ended less than 4 years ago

For the detailed steps on how to record the adjustment, please see this article: Adjust your VAT liability

The full process is explained here. Any questions please ask on this thread. We'd be happy to help.

2 replies

A
AldrinS
February 19, 2019

Greetings, HeadStart Clinics.

 

First and foremost, I'd like to congratulate you on having a baby! I'd be happy to help you record the VAT return and give you a head start.

 

The good thing about QuickBooks Online (QBO) is that it will allow you to change the Start Date of your VAT return if it's your first time preparing it. With this, you'll be able to include the relevant backdated purchases and get the data you're looking for.

 

Just a heads up, QBO uses the data based on your registration with HMRC. That said, if you didn't include the backdated info on your registration, it would be a good idea to manually file this through the HMRC portal.

 

In addition, to make sure that you won't be filing this twice, you can mark the return in QBO as filed. The steps below will guide you through the entire process:

 

Prepare VAT returns in QuickBooks Online

  1. Click Taxes in the left navigation menu.
  2. Go to the VAT tab.
  3. In the Open returns section, select Submit return.
  4. Edit the Start Date to when you wanted to start charging for VAT and then enter the End Date.
  5. Click the Submit to HMRC drop-down button, then choose Mark as filed.
  6. Hit Continue.

I'm also including this article for additional insight about this: VAT: Getting Started

 

That should get you going in the right direction. Keep in touch if there's anything else I can do for you, or if you have any other questions. Thanks for reaching out, wishing you and your newborn all the best!

E
emmam6Answer
September 7, 2022

Hello Community Users, If it is your very first return in Quickbooks and you want to reclaim past purchases in QuickBooks Online, you can make an adjustment to your current VAT account as stated in the article we have added you can make an adjustment to correct errors on past returns if they are:

  • below the reporting threshold
  • not deliberate
  • for an accounting period that ended less than 4 years ago

For the detailed steps on how to record the adjustment, please see this article: Adjust your VAT liability

The full process is explained here. Any questions please ask on this thread. We'd be happy to help.

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