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Post Info TOPIC: VAT Return Question ?


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VAT Return Question ?
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Hi,

What happens if the VAT you are reclaiming is more than the VAT you have charged on sales - ie box 5 shows a minus total ??

Sorry in advance if the answer is totally obvious, but I have a block at the moment.

Thanks,

Julie



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Expert

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Hi Julie,

If Box 5 has a minus figure in it then you are getting a refund from the tax office, if it has a possitive ie you have got more vat on Sales than purchases then you owe money to the tax office.

Hope that helps

Mandy

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Amanda



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Thanks Amanda,

My client will be happy, will possibly photocopy the refund cheque !

Julie 

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