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View Full Version : HELP: Annual VAT refund. Filling in the Boxes correctly.


Project2
26th July 2010, 06:54
I have a question regarding my annual VAT return.
The VAT I received over the year is £1000.
The VAT reclaimed on purchases is £2000.
HMRC estimated I would owe a far greater amount of VAT and have taken a total of £4000 out of my account over the year so obviously they owe me some money.
Would it be correct to fill boxes 1,3,4 and 5 as show below:
1: 1000
3: 1000
4: 2000
5: -5000 (1000 - 2000 - 4000)

Any help would be appreciated I should really send the return off tomorrow!
Thanks.
James.

elainec100@cheapaccounting
26th July 2010, 08:06
No - you fill in the vat return based upon the figures and then claim the rebate separately

Project2
26th July 2010, 08:29
Thanks elainec. I'll go ahead and put -1000 in box 5.