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Post Info TOPIC: Box 6 Sage VAT return
Elaine R


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Box 6 Sage VAT return
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I have a VAT return to complete and submit for period ending 31/03/2014.

Having run the VAT return in Sage Instants I have come across some entries in box 6 that shouldn't be there.

It says Sales excluding VAT but the journal entries are nothing to do with Sales.  The entries I have done are attached.

They are all T2 entries.

What have I done wrong and how do I correct?

 

Elaine

 

 



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E Roscoe
StuartAnder


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You may have posted journals and selected a tax code in error, some software automatically populates vat codes on journals I have don't it before and had to repost the journal, I can't open ur attachment tho,

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FoxAccountancyServices


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T9 is the code that doesn't go on the return, Elaine. T2 includes itself in Box 6.

You most likely will have to reverse the journals as T2, then repost as T9



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Elaine R


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Thanks Michelle, Most of it is bank charges so I thought they went to T2.

Am I ok to put the bank charges to T9 then?

Elaine

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E Roscoe
FoxAccountancyServices


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Bank charges in Box 6? Are they refunds?



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Peasie


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Elaine R wrote:

Thanks Michelle, Most of it is bank charges so I thought they went to T2.

Am I ok to put the bank charges to T9 then?

Elaine

I always put bank charges and bank interest as T2. There is no VAT on them but they still go on the return. 

EDIT : An earlier discussion on the matter.

http://www.book-keepers.org.uk/t38191616/bank-charges/



-- Edited by Peasie on Monday 31st of March 2014 08:55:56 PM

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Elaine R


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Hi,
They are credits as it is invoices paid on behalf of another company that doesn't have a bank account yet so in effect a loan. They will have to pay us back at some stage.
It's a newly formed company and that is why it has no bank account.

Hope that makes sense.

I don't understand how they can go against sales in box 6 as they are not sales they are expenses and bank charges.

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E Roscoe
FoxAccountancyServices


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Surely these credits should go to a loan account and not the PL? And then be T9, as they are not a business expense but a loan?



-- Edited by FoxAccountancyServices on Monday 31st of March 2014 09:02:04 PM

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Elaine R


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Thanks Michelle,

I will reverse and repost. It's the first time I have done anything like this so was confused at the onset.

Thanks for your help.

Elaine

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Elaine R


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Hi Michelle,

I've just checked and it has been posted to the loan account but it's the other side of the entry that seems to have gone to box 6.

I'll save another copy of the accounts, reverse out and try reposting.

Elaine

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E Roscoe
FoxAccountancyServices


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Hi Peasie

Much like Amanda, I was always told T9 for bank charges, interest, insurance and rates - so it has stuck. But it makes sense that they are exempt and not outside the scope of VAT, and so should be T2. I use T2 for non VAT reg business, and T0 for postage or travel - I guess you could say my T0 is 0% and exempt combined.

Ultimately, as long as the liability is correct, no ones going to mind too much about the net purchase figure. But I wouldn't want my net sales messing up :)

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Sharon Eyre


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I use T2 for bank charges too

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Regards

Sharon
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