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Litldawn
July 7, 2021
Question

FRS VAT bank deposits -sales duplications

  • July 7, 2021
  • 1 reply
  • 0 views

I am about to submit my latest VAT return, but noticed that the VAT owed is significantly higher than expected.   When I checked this out on the VAT details I could see there are large banking deposits downloaded as well as individual sales transactions. This in effect has duplicated transactions and falsely inflated my VAT.  I have sorted it for this current return, but I can see the same error has happened to previously filed returns. What is the best solution to deal with this, I am on a FRS and my accountant uses Sage and is unable to help me?   Thank you.

1 reply

Adrian_A
Adrian_A
July 7, 2021

Hello there, Litldawn.

 

We can run some VAT reports to ensure that the data entered were correct before filing the forms. You can run either the VAT 100, VAT Detail, or VAT exceptions reports. These reports will show you the information for each box, the list of transactions included, and the credits earned or duplicated.

 

To make an adjustment to the VAT so that you can correct the inflated VAT and then send that to HMRC, you can calibrate the VAT liability by making a VAT adjustment, we have included a help article on how to do that here on the current return.

 

Fill me in if you have concerns at all. I'm just a chat away to help you out.

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