VAT Return

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TALLY
TALLY Registered Posts: 22 New contributor 🐸
in AAT Level 3 (Level 6 in Scotland)
Hi there,
Could anyone please tell me, if when you do the printout from sage (not sure which version) there are cancelled items on it do you have to minus them before entering your figures into the boxes on the VAT return. I've heard that if you do not the income would be over-stated in some cases, I would of thought that it is automatically dealt with within sage.

Thanks for replys

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  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
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    Hi Tally, yes all transactions are automatically dealt with in Sage so when you produce the VAT return everything is included.

    By cancelled do you mean you've gone into corrections and deleted transactions? If not and you've posted another transaction to edit or delete something then you need to make sure you've psoted the correction with the same date as the original entry otherwise the correction could well end up in a different VAT period.

    Hope that's of some help.
  • TALLY
    TALLY Registered Posts: 22 New contributor 🐸
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    What I mean is when you have printed your VAT return on sage and everything is on it, you have one or two items that say cancelled because you have gone in and altered something from the previous quarter. Say you are doing quarter Oct-Dec, but during that period you have gone into maintenance and perhaps altered a code rather than journal it (what you have altered is from the previous period) On your printout it will say VAT box 4, Tax code T1 26/08/10 Cancel - see tran 102044 £5.00. Would I not include the £5.00 in VAT box 4 of the form which I send to HMRC for period Oct-Dec.
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Sage will work it all out for you as long as you reconcile the VAT return when you've done it. There is a reconcile button on the VAt return page. This flags the transactions for VAT

    If you have altered things or input items into a previously VAT reconciled period, when you run the next VAT return, it will pop up saying "There are items from a previous vat period that have not been reconciled. Do you want to include them?" Say yes.

    Then everything will be hunky dory.

    If the VAT's not been reconciled (this is totally separate to the bank rec) then it can get problematic.

    HTH
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    If you've altered a transaction that has been already dealt with for VAT Sage will cancel it (which is what you are seeing) and also process the correction as that has not been flagged for VAT as Jillt has stated.

    Therefore you just need to put the sage figures on that the report states, Sage has done all the work for you, don't take anything off those figures.
  • TALLY
    TALLY Registered Posts: 22 New contributor 🐸
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    Thanks everyone.

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