This guide covers the process of sending a corrective periodic tax return from Netvisor. If you need to send a corrective periodic tax return to the tax authorities for a locked and reported VAT period, the process begins by going to the Self-initiated taxes view and opening the desired month for which the corrective return is to be made (1.).
First, open the period if it is marked as ready by clicking the link "Mark period as open" (2.) This allows the creation of a new periodic tax return later. If the period is not opened, a new periodic tax return cannot be made. Marking the period as open activates the "Create return" button at point 3.
Next, bypass the VAT lock to make corrective entries for the desired period. The VAT lock bypass can be done either from the VAT calculation page or from the fiscal year management. Select the month for which the bypass is desired from the dropdown menu. The list shows the months of the open and active fiscal year before the period lock date. After activating the bypass, the view looks like this (in this case, the bypass is activated for October 2020).
The month in question is now open, and the necessary entries/changes can now be made for the month. Bypassing the lock invalidates the previous VAT entry voucher, so the lock must be canceled and the VAT recorded again to enforce the lock and create the VAT voucher. The same rules and principles apply to the VAT calculation in this case as in normal VAT calculation entries. Once you have recorded the VAT, the voucher is created again normally.
If the changes had an impact on VAT, go to the periodic tax return for the desired month in the self-initiated taxes view. The "Create return" button is active, and a corrective periodic tax return is created from it.
The return is sent from the Self-initiated taxes submission view.
The correction return completely replaces the previously sent return. The changes in correction reporting affect the correction of Value Added Tax, Employer Contributions, and Annual Returns.
In sending the correction return, "Reason for correction" is mandatory information that must be provided with the correction return. The reason codes defined by the tax authorities can be selected when sending the correction return. The reason codes are:
Calculation error / Return completion error
Guidance received in tax audit
Change in legal practice
Error in legal interpretation
Without a reason code, the correction return cannot be sent.
If necessary, create a new bank transfer if additional tax needs to be paid. The payment is created from the "self-initiated taxes" tab by opening the desired month, and under the heading "created bank transfers," mark the date, bank account, new payable amount, and press "Transfer to payment view." When the bank statement arrives in Netvisor, a voucher is automatically created for the payment.
Finally, mark the period in question back as ready.
Keywords: Corrective periodic tax return, VAT return, VAT return correction
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