Correcting error on VAT return

(4 Posts)
PermaShattered Tue 03-Sep-13 12:11:35

Can someone advise please? I've just submitted a return and realised straightaway that I've made a mistake. (I'm in the flat rate scheme and pay/return quarterly)

I entered the figure for VAT payable in the right place - then the same figure for what i was reclaiming. Which should have been 0. So it's effectively a nil return. I understand i just wait for the next return to rebalance it but even then i'm not sure how to do it (except that I don't need to use Method 2).

Any guidance welcome! Thx

Talkinpeace Wed 04-Sep-13 20:29:21

So in box 1 you put £1000
nil in box 2
box 3 = £1000
box 4 = should be nil
box 5 = box 1

you did 1=1000
2= nil
3= 1000
4= 1000
5 = nil

so next time
1 = 1250 (next times number)
2 = nil
3 = 1250
4 = -1000
5 = 2250

have I understood correctly?

PermaShattered Thu 05-Sep-13 19:36:50

i think so smile When I come to do the next return I'll drop back here it any more probs. Thanks talkin

Talkinpeace Thu 05-Sep-13 19:52:35

HTH

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