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ken-kcamarketing
February 5, 2023
Question

I need to make minor alterations to a submitted VAT return.

  • February 5, 2023
  • 1 reply
  • 0 views
I submitted my first VAT return, with reclaims due to previous capital expenditure.  HMRC have accepted this, with a minor correction.  How do I make the correction in Quickbooks?

1 reply

C
Carneil_C
February 5, 2023

Thanks for dropping by the Community, Ken.

 

I'm happy to address your concern about adjusting your VAT return in QuickBooks Online.

 

If you're referring to a VAT return that has already been submitted through Making Tax Digital (MTD), please know that we're unable to undo it. You'll need to account for any changes from a previous period to the current period.

 

If you need to make changes after marking the successfully submitted VAT return as filed in QuickBooks, please get in touch with our QuickBooks Online Support Team. They'll be able to give you further assistance with this matter. Here's how:

 

  1. Go to the Help (?) menu.
  2. From there, select Contact Us.
  3. Choose a way to connect with us: Start a chat, Ask the community, or Call us.

 

You can reach us Monday - Friday from 8:00 AM to 10:00 PM and Saturday and Sunday from 8:00 AM to 6:00 PM.

Otherwise, if you're referring to recording a VAT refund, you can visit this guide for the detailed process: Record a VAT payment or refund in QuickBooks Online.

For more details about VAT adjustments, review this article: Make VAT Adjustments in QuickBooks Online.

 

In addition, I've got this helpful resource for future reference to guide you further about creating exceptions when you make changes to transactions that have already been filed in a VAT return within QuickBooks Online: VAT exceptions and reports in QuickBooks Online.

 

You can always reply or reach out to us again if you need anything else with VAT or any QBO-related tasks. We're always here to guide and assist you whenever you need help. Keep safe always! 

K
ken-kcamarketingAuthor
February 5, 2023

Thanks for the reply, but I only need to know how to make the adjustment in Quickbooks, which can't be that difficult.

I submitted my first return, and made a claim for capital expenditure.  This has been accepted, subject to minor adjustment.  The amount claimed was about £6,300 and a mistake of £1.62 was identified.  HMRC have paid the full amount including the £1.62, but Quickbooks is now 'out' by the £1.62.  It obviously requires that the £1.62 is credited and debited to the right accounts, so which lines should I be adjusting?

 

I have not been told by HMRC to adjust my future return by this amount, so I assume that I don't have to.

 

Box 4 has been increased from £9878.61 to £9880.23 and box 5 from £6301.27 to £6302.89 on the first return.

R
RoseJillB
February 5, 2023

Hi there, ken

 

You must keep a record of all VAT payments and refunds you make to HMRC to match them up with the corresponding bank transactions. Your books won't balance at year's end if money enters or leaves your bank account without a matching transaction in QuickBooks.

 

Follow the steps below to record a VAT refund:

 

  1. Select VAT under Taxes.
  2. Choose the required VAT period from the All returns dropdown menu after selecting that option.
  3. Pick Record Refund from the drop-down box under View Summary. Go to the bank account where the refund was deposited.
  4. Make sure the Payment Type field is set to Refund. Fill up the relevant areas with the refund date and amount. If necessary, include a memo.
  5. Select Save.

 

You can check out this article for more guidelines: Record a VAT payment or refund in QuickBooks Online.

 

Feel free to get in touch if you need further assistance with VAT. I’m just a few clicks away. Have a good one!

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