Which report to use for Vat Return?
Hi Guys,
I’m in the middle of my first vat return and trying to work out income for the quarter.
I have looked at the date range summary report for the quarter and taken the income figure from this.
I have also copied all my payment statements for the period which was a real pain for each country as i transfer money out every day rather than fortnightly.
I took the income from this also, but when i compare the two, the payment statements is about 10% less than the date range summary report.
Which report do i use for filling in the total income field on the vat return?
Which report to use for Vat Return?
Hi Guys,
I’m in the middle of my first vat return and trying to work out income for the quarter.
I have looked at the date range summary report for the quarter and taken the income figure from this.
I have also copied all my payment statements for the period which was a real pain for each country as i transfer money out every day rather than fortnightly.
I took the income from this also, but when i compare the two, the payment statements is about 10% less than the date range summary report.
Which report do i use for filling in the total income field on the vat return?
0 replies
Seller_KKcTTZzy6Jd6Q
Despite being listed under “fulfillment by amazon” this report does also include MFN orders.
From seller central -> Hover over Reports -> Click Fulfillment by Amazon -> scroll down in the left menu and find “Amazon VAT Transactions Report” (it’s usually the very last one in the list)
This includes details of all transactions (sales, refunds and FC stock transfers) including a “departure country” and an “arrival country”. The report is designed to contain all information required for calculating tax payments/VAT returns.
Seller_SLlIy1Wdoi3bK
I have added the figures from this vat transactions report for GBP and the figures are 8% lower than when you run the date range summary payments report???
Seller_RptBlOUvimKtb
Date range report>Generate> choose custom date you need and tick on summary
Seller_RptBlOUvimKtb
hello
Why not? it is showing all income minus refunds and other small things, but in summary, it’s all income from your sales on amazon which is VAT payable.
Seller_xkZZ0RRgphqpT
I use Reports -> Payments -> Data Range Reports and they match the payment’s summary, no problems there. I don’t use other order reports to avoid confusion between order date and payment date.
Seller_tRQGc8daFr4wu
I filed my first VAT report today. I wanted to do it all by myself. Instructions on HMRC website seemed to be pretty clear. I was very wrong. I hired accountant specifically with Amazon experience. I am very happy that I did. Amazon is using Reverse Charge mechanism for fees. HMRC is a complete failure in explaining VAT with Reverse Charge. I would never figure out correct way to file VAT on my own. Accountant actually saved me pretty good money because I paid less VAT than I was thinking to pay if filed myself. Here is link to accountant in case someone is interested http://ecommerceaccountants.co.uk/
I am located in New York and used Skype to communicate. Joe from London explained and filed VAT for me. He is patient and knowledgeable, I couldn’t be happier. His rates are very reasonable. My sales are pretty low first year in business. I recommend to calculate sums of Income and Expenses from Date Range reports before you contact accountant to save time and money. Download from under Reports > Payments > Date Range Reports. Income is a sum of all Amazon transfers to you. Expenses is a sum of all Amazon fees. Make sure to download from all marketplaces and all months. Income and Expenses numbers match exactly sums from other reports and easier way to calculate. I hope this helps.
Seller_fuhUrP01GaZDS
I have the two weekly remittance from Amazon, I would rather stick pins in my eyes than have to download and manipulate reports daily, I can think of much better things to do with my time!
I also use the exchange rate that Amazon have used to calculate the payment, it’s easy to do from the Payments/Statement view, you can only account for the actual amount you receive in GBP unless you keep currency bank accounts.
