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May 5, 2020 2:44 PM UTC
Solved

As a UK business, our VAT is set as accrual , I need to change to cash basis. HMRC say that you don't need to contact them, just amend your accounting system. How?

Original commenter did not share additional details
May 5, 2020 3:56 PM UTC

Hi there, info994.

 

I suggest going to the Edit VAT settings page to change the Vat set up into a cash basis.

 

Here's how:

 

  1. Choose the Taxes menu at the left panel.
  2. Click the Edit VAT drop-down button at the upper right corner.
  3. Select Edit settings. Then, you'll be routed in the Edit VAT settings page.
  4. Go to a VAT accounting scheme section. Then select Cash by clicking the radio button.
  5. Hit the Save button.

 

I attached a screenshot below for visual reference.

 

 

For additional information on how you can make any changes to your VAT settings, codes, and rates, you can click this article: Set up and edit VAT settings, VAT codes, and VAT rates.

 

Please check to this article to see a table that contains a list of common VAT codes: Common VAT Codes.

 

You can also refer this article to see different information on how QuickBooks Online helps you automate your tax tracking: VAT: Getting Started.

 

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.

1 reply

May 5, 2020 3:56 PM UTC

Hi there, info994.

 

I suggest going to the Edit VAT settings page to change the Vat set up into a cash basis.

 

Here's how:

 

  1. Choose the Taxes menu at the left panel.
  2. Click the Edit VAT drop-down button at the upper right corner.
  3. Select Edit settings. Then, you'll be routed in the Edit VAT settings page.
  4. Go to a VAT accounting scheme section. Then select Cash by clicking the radio button.
  5. Hit the Save button.

 

I attached a screenshot below for visual reference.

 

 

For additional information on how you can make any changes to your VAT settings, codes, and rates, you can click this article: Set up and edit VAT settings, VAT codes, and VAT rates.

 

Please check to this article to see a table that contains a list of common VAT codes: Common VAT Codes.

 

You can also refer this article to see different information on how QuickBooks Online helps you automate your tax tracking: VAT: Getting Started.

 

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.