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June 16, 2020
Question

I have ceasedtrading and need to add payment to my final VAT return

  • June 16, 2020
  • 1 reply
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1 reply

June 16, 2020

I'm sorry to see you've ceased your trading business, @borderlandservic. But I'm here to ensure you're able to add the payment to your final VAT return through QuickBooks Online (QBO). 

 

Let's go to the VAT page so you can manually record the payment. This way, it'll be added to your final VAT return. Please take note that you'll need to pay the actual amount directly to the HMRC. I'll guide you how.

  1. Go to Taxes from the left menu. 
  2. Choose VAT.
  3. Select Payments.
  4. Click Record Payment.
  5. Choose the bank account you've used to pay HMRC.
  6. Type in the payment date and amount in the appropriate fields.
  7. Enter a memo, such as Adding payment to my final VAT return
  8. Hit Save.

 

For the detailed instructions, check out this article: Recording A VAT Payment

 

Once done, I recommend running the three VAT reports below. These will help you ensure everything is accurate before submitting your final return to HMRC.

 

When you're ready, I'd suggest printing any necessary reports to serve as your future reference. After that, you can cancel your QBO account by going to the Billing & Subscription tab. To learn more about this process, visit this article: How To Cancel QBO Subscription

 

Please know that I'm always here to help if you need further assistance. I'll see you around. Take care always, @borderlandservic.