You can amend your VAT return, @karen6271 by making an adjustment in QuickBooks Online (QBO). Let me provide some details about this matter.
It's important to note that any changes to your return will affect your VAT control or VAT suspense account. Thus, I recommend consulting with an accountant before making adjustments.
To make any changes to your VAT return, you'll need to adjust your current VAT account if the errors are below the reporting threshold, are not deliberate, and occurred within the last 4 years. Additionally, you'll need to report any errors that do not meet the above conditions to HMRC.
To adjust VAT boxes 1, 2, and 4. Please see the outlined steps below:
- Navigate to the Taxes menu, and select VAT.
- Next to the period you're submitting for, select Prepare return.
- Select Adjust next to the VAT line you want to modify.
- Specify the Adjustment Date and Tax rate.
- Note: If you don't select the right VAT code, it won't appear on reports or your tax return.
- From the drop-down menu, choose an Adjustment Account.
- Choose an account.
- If you're making an adjustment because you received credit and owe less tax to the government, choose an income account you created for this purpose.
- If you're adjusting to include a fine, penalty, or interest on a VAT return, choose an expense account, such as Interest Expense or Non-deductible Penalties.
- In the Adjustment amount section, input the amount of the adjustment.
- Enter a Memo to describe the adjustment. It's good practice to include this since it will help identify the adjustment.
- Click Save.
Furthermore, if you're on a Flat Rate VAT. You can't adjust the VAT box 6, 7, 8, and 9. It's best to consult your account for guidance.
For more detailed information, feel free to scan this article: Make VAT adjustments in QuickBooks Online.
You're more than welcome to drop by if you have more questions about tax-related concerns. Let us know and we'll lend a hand again.
