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Linda_B
April 26, 2019
Solved

VAT FRS Submission

  • April 26, 2019
  • 1 reply
  • 0 views

I am trying to submit my VAT return digitally for the first time.  We are a small and simple business that does not require most of the functionality of QuickBooks but have shoehorned us into the product because of MTD.  We are on the Flat Rate scheme and pay 7.5% of revenue.  The amount that QuickBooks suggest I need to pay is significantly higher that I think it should be! It seems that 20% has been added to my turnover figure before calculating the 7.5% payable which has put my VAT bill up by about a third. What have I done wrong in recording my sales to cause this to happen?

Best answer by Linda_B

Hello Linda,

 

To confirm, did you contact our support line via phone? This would be your best route, as they can set up a screenshare to look into this further for you.

 

Thanks,

 

Talia


Hi Talia - yes I rang the support line yesterday and again this morning. It has been a long a tedious process but the VAT return is now submitted.

Thanks for your help

1 reply

T
TaliaI
April 26, 2019

Hello Linda_B,

 

Can I first confirm you have FRS turned on within your VAT settings (Taxes > Edit VAT > VAT settings), and the correct percentage is showing?

 

Thanks,

 

Talia

L
Linda_BAuthor
April 26, 2019

Yes it is switched on with the correct value in

R
Rasa-LilaM
April 26, 2019

Thanks for your response, Linda_B.


Allow me to chime in and clarify why the tax return amount is higher than the actual amount.


In the Vat Detail Report,  the balance amount will show the 20% calculation which is the standard rate. Meanwhile, the balance figure shown on the VAT Return page is not similar to the latter because this amount is calculated based on the FRS rate.


In the chart of accounts, the Savings by FRS amount will only show after the VAT return is marked as filed. However, if the balances show a similar amount, we’ll have to trace what’s causing this to happen.


The process requires accessing one’s company which we’re unable to perform here in the Community. Since the safety of your account is our top priority, I suggest you get in touch with our QBO Care Team.

 

You can either speak with someone over the phone or chat with an agent. Here's how:

 

  1. In the upper right-hand click on Help at the top, then click on the Contact Us link.
  2. Enter your issue in the What can we help you with field box.
  3. Click on the Let's talk button.
  4. In the Choose a way to connect with us section, select Chat or Call us.
    Note: Open M-F, 8 AM - 8 PM, BST.


They can look into this further and help ensure the submitted VAT return will show the correct amount.

 

This should help you move forward.


Keep me posted on how this goes after contacting support. I want to make sure everything is taken care of and you're all set with this concern.

 

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