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Post Info TOPIC: Receipts in Box 6 of VAT Return
chrb8


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Receipts in Box 6 of VAT Return
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Hi,

I would appreciate some advice on a point which has confused me each time it crops up in my accounting, relating to Box 6 on the VAT return.

Box 6 is for 'total value of sales', but Sage includes here direct receipts to the bank account in addition to my actual sales posted to the 'sales' nominal code. This means that every now and again when we get a refund - eg. from a utility company - which I post as a bank receipt, it appears in Box 6.

My question is - should I make an adjustment on my VAT return to remove such receipts because they are not actually sales? I can understand why Sage picks them up, but I'm never sure if they should be there or not...



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MarkS


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If material i would adjust

If not would just leave as is and note that includes an effectively purchase refund.

Regards

 

MarkS



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
chrb8


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The current examples I have are for refunds from BT for telephone services... What would you do with these?


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MarkS


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If immaterial would just leave and note on the detailed report as to what they are and why not adjusted should you have any inspection future.



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
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