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danielsc
May 29, 2022
Question

vat

  • May 29, 2022
  • 1 reply
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i am preparing my tax return and the amount of vat showing on qb vat return for the amount i owe is not  the same as the amount collected on sales even though qb invoices calculate the vat on invoices. the vat return has taken the total sales and divided it by 5 for vat due but shouldn't this be divided by 6, as it shows i am owe £2000 more on vat than i do.  can anybody help?

1 reply

Rubielyn_J
Rubielyn_J
May 29, 2022

I'm glad to see you here in the Community, @danielsc.

 

We can utilize the QuickBooks VAT error checker if the amount of VAT showing on QuickBooks VAT return is not the same with the quantity collected on sales. It is a unique smart automation giving accuracy, confidence and time back to QuickBooks customers filing VAT.

 

You can access this feature directly from the VAT centre. To do so:

 

  1. Proceed to Taxes, and choose VAT (Take me there).
  2. Click the VAT return you wish to error check, and select the arrow next to Prepare return to show the list of options.
  3. Choose Error check your return to open the VAT error checker window.

 

Regarding the calculation of the VAT refund taken by the total sales and divided by 5 for the VAT due, I recommend contacting our support team directly. They have the necessary tools to open your account in a safe environment, and they can help verify the VAT calculations. 

 

Here's how:

 

  1. Sign in to your QuickBooks Online company.
  2. Click Help (?).
  3. In QB Assistant, enter the topic you need help with. 
  4. Choose Contact Us to connect with a live support agent.
  5. Select Start a chat or Call us. M-F, 8:00 AM to 10:00 PM and S-S, 8:00 AM to 6:00 PM.

 

Once everything is settled, you can use this article to help file your VAT return and record your tax payment in QuickBooks Online: QuickBooks Online tracks your payment due dates in one place so you can avoid late returns and extra fees. 

 

Keep in touch if you have any clarifications or other tax concerns. I’m always glad to answer them for you. Wishing you and your business continued success.

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