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Post Info TOPIC: VAT return
julia1976


Newbie

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VAT return
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Please check my first VAT return, I am not sure about EC transactions. Thanks a lot.

Given the figures below, required

 To prepare the VAT return. The business is registered under the standart accounting system.

 All figures are exclusive of VAT

 Transaction made within the UK:

Credit Sales                                                                     £15500

Cash Sales                                                                       £20113

Credit Notes to customers                                          £106

Credit Purchases                                                            £6205

 Cash Purchases                                                              £2147

 Credit Note from suppliers                                          £64

 Petty cash(expenses paid-all standard rates)          £210

 Transaction made with other EC countries:

 Sales to EC VAT registered customers                      £5500

 Sales to EC non-VAT registered customers              £1200

 

Purchases from EC VAT registered customers        £880

VAT Return (Extract) 
      
For official use onlyVAT due in this period on sales and other outputs1734140(15500+20113-106)*20%+1200*20%+5500*0%=7341.40
VAT due in this period on  acquisitions from other EC Member States2176oo880*20%=176
Total VAT due (the sum of boxes 1 and 2)37341407341.40+176=7517.40
VAT reclaimed in this period on purchases and other inputs (icluding acquisitionsfrom EC)4187560(6205+2147-64+210)*20%+880*20%=1875.60
Net VAT to be paid to Customs or reclaimed by you Difference between boxes 3 and 455465807517.40-1875.60=5465.80
     
Total value of sales and other outputs excluding any VAT. Include your Box 8 figure642207oo1200+5500+15500+20113-106=42207
Total value of purchases and all other inputs excluding any VAT. Including your box 9 figure79378oo6205+2147-64+210+880=9378
Total value of all suplies of goods, and relaited costs, excluding any VAT to other EC Member states  85500oo5500
Total value of all acquisitions of goods and related costs excluding any VAT from EC Member States9880oo880

 

 



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leshoward


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I am concerned about your Box 4 figure, as you have assumed everything has VAT on it, which would be unusual. You should itemise VAT on each purchase invoice, and use the total in Box 4, and then add the Box 2 figure.

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Cheshire


Master Book-keeper

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Are these sales of goods to EC Vat registered customers?   You will also have to do an EC Sales return idc. I believe HMRC pick it up form the fact there are items in Box 8, but you can always pre-empt it by registering for EC Sales lists - under your VAT return HMRC login.   There are done at the quarter ends.



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
julia1976


Newbie

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Posts: 4
Date:
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Thanks a lot, Joanne. I forgot put figures on EC Sales list 5500
Is my form complete correct in all others boxes?


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Cheshire


Master Book-keeper

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Hi
Got to go to client meeting now so will have a quick look when I get back this afternoon.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Cheshire


Master Book-keeper

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Posts: 8646
Date:
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Hi Sorry for the delay but been at the beck and call of my clients all day and not had a minute to myself. My brain is mashed!

As Les pointed out - you seem to have included VAT on all your purchases which in reality would not normally be the case - so its worth double checking and excluding any that do not have VAT on in the first place or that you cannot claim for due to being outside the rules etc.

Rest of it looks ok as far as I can see.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
julia1976


Newbie

Status: Offline
Posts: 4
Date:
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Thanks Joanne for your message.

I put amount of Purchases from EC VAT registered customers £880*20%
in to the boxes 2 and 4 to show reverse transaction.
So finaly the result is 0 and can not claim for this amount.

Hope it is correct



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