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Everything you need to know about banking in QuickBooks Online - Discover more
siddhesh-gujar
Level 1

Can I file the VAT return with negative box 6 balance in QuickBooks online?

 
Solved
Best answer May 02, 2023

Accepted Solutions
Archie_B
QuickBooks Team

Can I file the VAT return with negative box 6 balance in QuickBooks online?

Hi, sid.

 

Yes, QuickBooks allows you to file your VAT return with a negative amount. However, keep in mind that Box 6 of your VAT return should only show taxable sales minus the VAT amount. To ensure that you have the correct figures, you should run the VAT Detail Report to see all the transactions involved.

 

I also recommend consulting an accountant to help you review the amounts reflected on your VAT return and to make sure everything is accurate.

 

I've added these resources to learn more about VAT returns:

 

 

Let me know if you have any further concerns or questions about it. I'll gladly assist you.

View solution in original post

1 REPLY 1
Archie_B
QuickBooks Team

Can I file the VAT return with negative box 6 balance in QuickBooks online?

Hi, sid.

 

Yes, QuickBooks allows you to file your VAT return with a negative amount. However, keep in mind that Box 6 of your VAT return should only show taxable sales minus the VAT amount. To ensure that you have the correct figures, you should run the VAT Detail Report to see all the transactions involved.

 

I also recommend consulting an accountant to help you review the amounts reflected on your VAT return and to make sure everything is accurate.

 

I've added these resources to learn more about VAT returns:

 

 

Let me know if you have any further concerns or questions about it. I'll gladly assist you.

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