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Getting ready for MTD and Unassigned VAT amounts???

Long story short - QuickBooks started recording our VAT on the VAT100 incorrectly a long time ago (I think I have figured out why while trying to solve this problem). Every time I tried to "File a VAT Return" through QB it was showing ridiculous figures that were completely incorrect. At the time I spoke to our accountant and she suggested using the "VAT Detail Report" to find the accurate figures and submit them manually to the HMRC website. This is what I have done ever since.

 

To record a payment for VAT to HMRC I have been posting directly to the VAT Control account (something QB warns you about doing but I was told to ignore by the accountant - we have now changed accountants by the way but the new one hasn't picked this up either). I have now realised this is incorrect and the payments (every one since the company began in 2005 and before I started here) should have been put through a Suspense account (I think? Please correct me if I am wrong).

 

Since we are about to hit the MTD deadline I thought I better check this VAT100 and see what is reporting etc. However it seems to now be reporting EVERYTHING we have ever done on the VAT100 (so £11m + turnover) and saying we owe £1.5m in VAT. I can assure you we don't! It even shows a different figure on the Balance Sheet so I am very confused where we stand. 

 

We had a VAT inspection last year (he didn't pick this up either) and he was happy with the way I had been doing things. He agreed we had being reporting VAT correctly including the Duty on imports that I was worried about. He failed to mention the MTD deadline however and this has crept up on me unknowingly.

 

Am I going to have to go back over nearly 14 years worth of payments and change them? At the moment I don't see any alternative!! Any help would be appreciated. 

 

I'm using QB Desktop Premier 2019 if that makes any difference? 

1 REPLY 1
QuickBooks Team

Re: Getting ready for MTD and Unassigned VAT amounts???

Hello idnam thank you for posting your question on Community.

 

I have taken a look through your detailed post and also spoken with one of our Desktop Pro Advisor's what they have advised is to call our desktop team on the number below as will be something which they need to take a look at.

 

08081689535

 

If you any other questions in the interim please let us know.