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Kennels9
August 22, 2020
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VAT reclaiming VAT before we registered

  • August 22, 2020
  • 1 reply
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Hi,

 

We registered for VAT starting from 1st July 2020. I would like to claim the VAT back from Jan 2020, I have reconciled the bank account with all receipts but just want to check how I now reclaim it back? 

I have asked to send in my VAT returns quarterly so for the 1st return do I do it for half yearly or just reclaim it all in the 1st quarterly submission? 

 

Thanks

Kennels9

 

Best answer by MariaSoledadG

Hi there, Kennels9.

 

You can pull up the VAT 100 report so you'll be able to get the total VAT additional amount under the previous period. Follow the steps below.

  1. Go to the Reports menu on the left panel.
  2. Scroll down to see the Manage VAT section. Then, click the VAT 100 report.
  3. You can also enter the name of the report in the search box.
  4. Make sure to set the previous dates and customize it as you want.
  5. Click Run report. 

Once done, add the reclaimed VAT in Box 4. Here's how:

  1. Go to Taxes and click on Prepare return.
  2. Click the Adjust option next to the Box 4 amount.
  3. Enter the Adjustment amount.
  4. Add a memo about the adjustment.
  5. Click Save.

I would also recommend consulting HRMC to verify if you'll need to reclaim VAT on semi-annual or if it's for the first quarterly submission. 

 

To learn more about VAT, please read this article for your reference:

I'll be right here if you need some help.

1 reply

MariaSoledadG
MariaSoledadGAnswer
August 22, 2020

Hi there, Kennels9.

 

You can pull up the VAT 100 report so you'll be able to get the total VAT additional amount under the previous period. Follow the steps below.

  1. Go to the Reports menu on the left panel.
  2. Scroll down to see the Manage VAT section. Then, click the VAT 100 report.
  3. You can also enter the name of the report in the search box.
  4. Make sure to set the previous dates and customize it as you want.
  5. Click Run report. 

Once done, add the reclaimed VAT in Box 4. Here's how:

  1. Go to Taxes and click on Prepare return.
  2. Click the Adjust option next to the Box 4 amount.
  3. Enter the Adjustment amount.
  4. Add a memo about the adjustment.
  5. Click Save.

I would also recommend consulting HRMC to verify if you'll need to reclaim VAT on semi-annual or if it's for the first quarterly submission. 

 

To learn more about VAT, please read this article for your reference:

I'll be right here if you need some help.

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