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OwnerDriverLightHaulage
May 1, 2023
Question

VAT Box 1 and Box 6 adjustments at end of FRS discount period

  • May 1, 2023
  • 1 reply
  • 0 views

I'm just trying to submit my Q1 2023 VAT return.
I am on the fixed rate scheme. Mid quarter I lose my 1% discount for the first year. I therefore need to adjust my Box 1 and Box 6 figures. I've calculated what should be in each of these boses.
When I adjust box 1:
- Does the Adjustment date matter? Default is 31st March 2023 (my VAT registration date is 29th January 2022)
- Tax rate I leave unchanged? The default is SS-20.0% (20%)
- Adjustment account - I've no idea what to select - default is "Cash in Hand"
- Adjustment amount - I imagine this is simply the correct value for Box 1 minus the default Box 1 value shown

Box 6 is the one I'm getting even more confused about. HMRC website clearly states that box 6 should be shown without VAT included. I've verified this at multiple sources. However Quickbooks is showing me the value with VAT included. What am I missing?

1 reply

G
GeorgiaC
May 11, 2023

Hello OwnerDriverLightHaulage, thanks for joining the Community. We'd recommend reaching out to an accountant if you're needing any specific help entering the adjustment as we're unable to advise on which account to post this to. The adjustment date should fall within the tax period and the adjustment amount is the amount that the box will be adjusted by (this can be a positive or negative figure, the latter by denoting with a -). For further guidance, you can refer to our guide on creating and deleting VAT adjustments in QuickBooks Online. 

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