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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I have filled my vat return but when i tried to prepare

Customer Question

hello
i have filled my vat return but when i tried to prepare the journal on sage it wouldnt match i credited partially recov input vat account v100 balance and credited fully recov vat v200 balance and debited output vat v500 and debited irrecov vat account then after the remaining balance that i get is not equal my vat refund...what will be the issue??
Submitted: 7 months ago.
Category: Tax
Expert:  bigduckontax replied 7 months ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. I have a client who maintains his accounts on Sage. There has never been any difficulty with VAT and returns, he merely concludes all relevant transactions and then runs the VAT return and out prints the data for entry in the on line return. Any later bills etc are just put through the next quarter's account which is what the VATman advises anyway. I would be interested to know what irrecoverable VAT is available from your transactions. This may be the traditional 'ni**er in the woodpile' here. I await further information.
Customer: replied 7 months ago.
the amount says 7556.65 calculated from invoices received and paid from overseas the input vat is 16820.74 and the fully recoverable is 456.06 the output vat is 1238 the amount to be refunded was calculated as 6525 i have a difference of 1957
Expert:  bigduckontax replied 7 months ago.
When you entered the sales invoices, be they standard, reduced or zero rated you should have posted them with the VAT as charged. You have to be careful here as Sage will not unreasonably assume the all these are standard rated which may not be the case unless advised to the contrary. From the data supplied there seems to be a discrepancy of over 9K. If the input VAT is 16.8K who can the fully recoverable be 456? Sorry, it simply does not correspond.
Customer: replied 7 months ago.
the amount of 7556.65 is for irrecoverable vat but the actual invoices include no vat...so can i send u a sheet which explains it?
Customer: replied 7 months ago.
sorry i really need help on that
Customer: replied 7 months ago.
sorry but i have been charged 37 pounds and still didnt get an answer...how is that??
Expert:  bigduckontax replied 7 months ago.
I don't make the charge, Just Answer does on your posing the question. I only receive recompense if you accept my reply. If the invoices do not include VAT, not uncommon with unregistered or overseas traders, you merely enter the postings on Sage with a zero rate on the VAT column then the whole shooting match should correct itself.
Customer: replied 7 months ago.
yes they are with a zero vat...but my journal match every quarter it writes off the balance on input vat and output vat and creates an amount for refund from hmrc that i post on ouput vat nominal account...but this quarter it doesnt ..can i send u a sheet ?
Expert:  bigduckontax replied 7 months ago.
Certainly, I'd be delighted to have a look.
Customer: replied 7 months ago.
file attached
Expert:  bigduckontax replied 7 months ago.
I do not wish to be obtuse, but there are two columns on your spreadsheet. I would have expected one for output tax and the other for input tax. As it stands it appears incomprehensible.
Customer: replied 7 months ago.
yes under sage vat analysis column d and e relates to sales...Column G and H relates to purchases...and vat codes we have codez 0 exempt code 1 standard code 2 zero
for outputs code 40 and 41 exempt...code 42 zero rated...code 45 standard code 46 zero
Expert:  bigduckontax replied 7 months ago.
How come you are making exempt supplies?
Customer: replied 7 months ago.
yes we do english for business services exempt
Expert:  bigduckontax replied 7 months ago.
I do not think so, these sound to me like standard rated supplies.

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