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Nov 24, 2019 9:40 PM UTC
Question

My VAT tax due appears £-10.08 (Negative??)

My VAT tax due appears £-10.08 (Negative??), what should I do, how should I check that the transactions are entered correctly. Please guide me, thanks!

1 reply

Nov 24, 2019 11:43 PM UTC

I appreciate you coming in with us today, Emile.

 

The negative VAT tax due indicates that your taxable purchases are greater than your taxable income. That said, you'll expect a refund from HMRC or the amounts will just be deducted on your next filing.

 

However, if the amount is incorrect, you can run the VAT Detail Report to review the transactions and make sure correct tax codes were applied. Here's how:

  1. Go to Reports.
  2. Under Manage VAT section, choose VAT Detail Report.
  3. Start reviewing the transactions.

 

Once verified, proceed with submitting the VAT as usual via MTD. 

 

To learn more about QuickBooks Desktop VAT e-filing & Making Tax Digital, you can check out this guide.

 

Be sure to get back to me if you have other questions. I want this to be taken care of. Have a great day ahead!