VAT Cash Accounting Entering & Exiting.

[prozak]

Excuse me for thinking out loud (in the hope of some pointers)

but here are the differences for each box - i.e my errors on this return.

A positive amount meaning I should have entered a higher number in this return. A negative meaning i should have entered a lower number in this return.

1. £270.00
2. £0.00
3. £270.00
4. -£26.14
5. £296.14
6. -£600.00
7. -£149.34
8. £0.00
9. £0.00


Of course that is if I correct back to accrual method. if I decide to stick with cash accounting then the differences are more significant.

[prozak]

Thanks Clare.

if I recall, if I stick with accrual basis i've underpaid this quarter but only by a couple hundred quid.

I'll try and re-submit online (never seen this option anywhere though) but otherwise adjust next quarter i guess.

[Clare@InTouch]

Either contact HMRC and re-submit the correct figures, or adjust next quarter. Mistakes under £10,000 can just be amended on future returns.

[prozak]

Yep. Definitely just paid last quarters VAT again....

[prozak]

I've just done my VAT return and a minute after I hit the submit button I realised I've use Cash accounting method this quarter but not last quarter (or before)

Have I just paid VAT twice on my 2010 Q4 sales?

Is this going to come out all even, or should I contact HMRC to re-submit this quarter?

Thanks.