Skip to main content
T
Tomalva22
October 17, 2022
Question

VAT return part paid.

  • October 17, 2022
  • 2 replies
  • 0 views

We were late submitting a VAT return due to an action message preventing us from filing a return on time.

HMRC gave us an estimated VAT bill to pay which we did.

We have now solved the issue in Quickbooks and the VAT return is now ready submitting.

The estimated figure we paid is lower than the correct amount to pay in Quickbooks.

We do not want to submit the Quickbooks return without removing the amount we have already paid HMRC.

How do we proceed.

2 replies

M
MirriamM
October 17, 2022

Hi there, @Tomalva22. I'm here to lend a hand. 

 

You can manually record the VAT paid by creating a VAT Adjustment. Doing so will correct the amount difference. To start, set up an account for VAT adjustment. Once done, to add an adjustment, follow these steps:

 

  1. In the left menu, click Taxes.
  2. Go to the VAT tab.
  3. Locate the tax period you need to adjust.
  4. Select Prepare return.
  5. Click Adjust to the entry that needs to be adjusted.
  6. Set the Adjustment date and the Tax rate.
  7. Select the Adjustment account for adjusting VAT.
  8. Enter the Adjustment amount.
  9. Enter notes in the Memo section.
  10. Click Save.

 

For more information about the process above, see this article: Create or delete a VAT adjustment.

 

To learn more about VAT codes, visit this resource: QuickBooks VAT codes.

 

Additionally, let me add this link that serves as your guide in filing your returns: Submit a MTD for VAT return to HMRC in QuickBooks Online.

 

If you have other inquiries or tax concerns, let me know in the comments below. I’ll be around to back you up. Have a good one and keep safe.

paul72
paul72
October 17, 2022

Hi @Tomalva22 

 

Suggest you check with HMRC but my guess is you should submit the return with correct figures - do not amend your return in QBO to deduct the estimated VAT paid on account unless the estimate was logged by HMRC as a VAT Return.

(I think you can check this in HMRC Online)

 

Submit the Return as normal.

Use the Pay VAT screen to enter the On Account payment.

Use the Pay VAT screen again to enter the balancing payment.

 

Hope this helps.

Terms & ConditionsAccessibility statement