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Hello. I am about to submit my latest VAT return and was surprised by the amount QB suggested I should pay, given my sales in the last quarter.
I think there is an error in the QB system. I'm using an FRS rate of 14% and QB appears to be calculating the 14% on the entire invoice value, including the VAT. I have attached a sample entry to show this problem. The invoice value is Β£250 so the 14% FRS VAT payable on this should be Β£35. However, QB has calculated this as Β£42 because the whole invoice amount (Β£250 + Β£50 VAT) has been used for the calculation. QB is effectively saying I need to pay VAT on my VAT.
If I am correct, this needs fixing urgently! Thanks, Chris
