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Level 3

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

 
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Best answer May 24, 2020

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Level 3

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi JessT

Thanks for that, I guess I should of explored a bit more before asking, seems simple now!

I do have a follow up question though, so I hope you can help me with this one too.

The older transactions I need to reclaim VAT for will fall outside of the VAT Return Dates for our first return. Once I have added all the transactions, can I use QB to give me the total VAT additional amount I need to add to Box 4?

Is there a Report, or can I set up a 'fake' return for the earlier period in question, (which is most likely going to be longer than just the previous 3 months) to get me that value? Or some other way within QB I don't yet know.

Or, will I need to create and keep a record outside of QB somehow?

Hope that all makes sense and is another easy one to answer...

Thanks,

Gem.

View solution in original post

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Moderator

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi there, gem5.

 

Thanks for getting back to this thread and providing additional details of your concern. 

 

We can pull up either the VAT detail report or VAT 100 report within QuickBooks Online. With that, yes, we can get the total VAT additional amount under the previous period. We don't need to set up a fake one, as long they are already added to the system.

 

Let me walk you through how to do it:

 

  1. Go to Reports on the left panel.
  2. Scroll down to see the Manage VAT section. Then, click the VAT 100 report or VAT detail report.
  3. Aside from that, you can enter the name of the report in the search box.
  4. Make sure to set the previous dates and customize it as you want.
  5. Then, Run report

r.PNG rr.PNG

 

Afterward, we can add the reclaimed VAT in Box 4 by following the steps provided by my colleague above. Also, you may want to visit this article. It's all about adjusting VAT liability. 

 

If you have other questions about it, please let us know. We are willing to help you further. Take care!

View solution in original post

11 REPLIES 11
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QuickBooks Team

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Thank you for taking the time to post today, gem5!

 

I'll help you add the reclaimed VAT in Box 4 of your return per HMRC's instruction.

  1. Go Taxes and click on Prepare return.
  2. Click the Adjust option next to the Box 4 amount.
  3. Enter the Adjustment amount.
  4. Add a memo about the adjustment.
  5. Click Save.

I'm adding these articles for your reference in the future:

If you need more help about taxes, please don't hesitate to go back to this thread.

Highlighted
Level 3

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi JessT

Thanks for that, I guess I should of explored a bit more before asking, seems simple now!

I do have a follow up question though, so I hope you can help me with this one too.

The older transactions I need to reclaim VAT for will fall outside of the VAT Return Dates for our first return. Once I have added all the transactions, can I use QB to give me the total VAT additional amount I need to add to Box 4?

Is there a Report, or can I set up a 'fake' return for the earlier period in question, (which is most likely going to be longer than just the previous 3 months) to get me that value? Or some other way within QB I don't yet know.

Or, will I need to create and keep a record outside of QB somehow?

Hope that all makes sense and is another easy one to answer...

Thanks,

Gem.

View solution in original post

Highlighted
Moderator

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi there, gem5.

 

Thanks for getting back to this thread and providing additional details of your concern. 

 

We can pull up either the VAT detail report or VAT 100 report within QuickBooks Online. With that, yes, we can get the total VAT additional amount under the previous period. We don't need to set up a fake one, as long they are already added to the system.

 

Let me walk you through how to do it:

 

  1. Go to Reports on the left panel.
  2. Scroll down to see the Manage VAT section. Then, click the VAT 100 report or VAT detail report.
  3. Aside from that, you can enter the name of the report in the search box.
  4. Make sure to set the previous dates and customize it as you want.
  5. Then, Run report

r.PNG rr.PNG

 

Afterward, we can add the reclaimed VAT in Box 4 by following the steps provided by my colleague above. Also, you may want to visit this article. It's all about adjusting VAT liability. 

 

If you have other questions about it, please let us know. We are willing to help you further. Take care!

View solution in original post

Highlighted
Level 3

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi SarahannC

Thanks, that is perfect for what I needed!

Cheers,

Gem.

Highlighted
Moderator

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hello, Gem.

 

It's good to hear that you found the things you've been looking for in QuickBooks Online. In case you still have other questions as you go along with the process, just post them here, you can even tap me on my shoulder. It's my pleasure to assist you more in the future. 

 

Stay safe and be well!

Highlighted
Level 1

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi, I have a similar question, I need to add a preregistration claim to the first VAT return but only started using QB from the first day of becoming VAT registered so none of the pre registration purchase details are on there. I have them on a spreadsheet I compiled to calculate the pre reg. VAT, can I just manually add the adjustment amount in box4 or can I do a journal? I am using QBOA to access my clients QB account.

 

Thank you

Highlighted
QuickBooks Team

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Thanks for joining us here, ABC Licensed Accountant.

 

Yes, you can manually adjust the amount in Box 4. Here's how: 

 

  1. Go the Taxes menu and click on Prepare return under the VAT tab.
  2. Click the Adjust option next to the Box 4 amount.
  3. Enter the Adjustment amount.
  4. Add a memo about the adjustment.
  5. Click Save.

Let me share these articles for your reference in the future:

 

I'll be around if you have other concerns. The Community is always here to help.

 

Highlighted
Level 1

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi,

 

I am completing my first return - and have the same adjustment needed,

 

My expenses transactions are in QB, and I am able to get the value to enter into box 4 as needed.

 

However - I am unsure of which account I should use as the adjustment account?

(The adjustment for box 4 is simple claim backs for VAT purchases prior to registration - in line with HMRC allowances)

 

note - also assume the standard SP 20% code should be applied in this case?

 

Apreciate the help,

Jack

Highlighted
Level 1

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi,

 

I had to split the adjustment as part was for fixed assets and part for stock still in hand at registration. So the other half of the adjustment went part to fixtures and fittings cost and the other to stock. So You add the VAT element of these costs to the VAT return and you take the VAT element out of the fixed assets and stock as you are now dealing in just the net costs, all the VAT going into the VAT account going forward.

 

Hope that makes sense to you.

 

Al the best

Highlighted
Level 1

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi,

 

Apreciate your quick response on this one,

 

In my case - if I have some transactions which are expenses to a Computer Hardware account, and some to a software account - would the adjustment need to be split also, and thus adjusted accounts are the ones which the expense transaction was assigned to from the bank transaction?

 

Also, the historic transactions I am talking about - I have marked in quickbooks as being expenses with the 20% VAT - does this complicate anything, or is this correct?

 

Apolgies for any stupid questions, just trying to get my head around it all!

Highlighted
Level 1

First VAT Return. We need to reclaim VAT on Purchases over the last 9 months or so on the first VAT Return. HMRC says add the extra into Box 4. How can I do this in QB?

Hi, Not a problem, the vat adjustment should go to wherever the original expense, which included the VAT element to start with. Don't change the original posting of the expenses as when you set up for VAT, you put in a date of registration, it would only put the VAT element to the VAT account from that date, so the historic transactions will not have had the VAT element moved. You are moving with the adjustment and do not need to touch the original.

 

It took me a while too!