box 5 vat return how to show a negative (money owing from HRMC) ?

topcat

box 5 vat return how to show a negative (money owing from HRMC) is it a negative sign, brackets or do you just leave it as standard number?

deborahcarpenter

Hi Topcat,

Leave it as a standard number. It works itself out when you submit the VAT return ie. you dont have to put the box five figure in when you submit the return to HMRC.

Deborah

topcat

hi Deborah ,

brilliant thanks for your help :thumbup1:

Petana

If it's to be negative, the exam direction say that with any negative amount you should indicate it using brackets or sign before number. I would have definitely put a minus sign.

deborahcarpenter

Sorry if I have mistook the question. I dont know what you put for exam purposes as I did the old route and didnt have to do VAT. But when completing a VAT return online you dont have to enter any thing in box 5. HMRC calculates it automatically and on the print off there is no minus or brackets just a figure owing by them to you. Sorry if I have caused any confusion :001_unsure:

payrollpro

You haven't done anything wrong Deborah but it does highlight an important point and that is whether questions are being posed in connection with your studies and examinations or in respect of something at work. I am sure the AAT will find a way of structuring the assessments in a way that they can mimic the HMRC gateway but for the moment Petana is right, if the result is a refund of VAT you need to show it is such with a negative sign.

Payrollpro