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M
markacarey
February 5, 2022
Question

Restore with new vat period

  • February 5, 2022
  • 1 reply
  • 0 views
My VAT period in QB is out of sync with the official Tax period. Im now in second VAT quarter. Unable to amend QB. Considering backing up accounts and restoring to a new account file, setup correctly with the correct period?

1 reply

S
ShiellaGraceA
February 6, 2022

Hello there, @markacarey.

 

I have some information about the VAT period in QuickBooks. You'll want to edit the VAT settings in your account to change the period's effective date. Let me guide you how.

 

  1. Go to Taxes and choose VAT.
  2. Look for the VAT rate and then tap the Edit VAT drop-down.
  3. Select Edit settings.
  4. Hover towards the Effective date for new scheme section and then update the date.
  5. Click Save.

 

 

 

 

With the above steps, your tax returns will be aligned with the HMRC. On the other hand, when your file your VAT return, select "Prepare return on this period." This way, you can change the end date found at the top of the VAT return page.

 

Check out this short video on how to record your VAT payment in QBO.

 

Please know that you're always welcome to swing by if you have other questions or clarifications with VAT. I'm here to help. Take care and be safe @markacarey.

M
markacareyAuthor
February 6, 2022

Hi Shiela,

Thank you for replying. But I tried this prior to publishing my question.

 

My company was setup 15 June 2021. Which was two weeks prior to end of second Quarter. For this quarter my VAT return was 0.0. But I still had to submit, I didn't know this until I was informed by accountant, he had done so. By this time I was into Q3 and started using QBO. The third quarter VAT was 610. Laster quarter was 15,281. 

 

 

T
TirzahC
February 6, 2022

Hello, markacarey.

 

Once the VAT codes are selected in your QuickBooks, you will see them post to the following boxes on your VAT return and it will automatically calculate the transactions. You can review the summary report. Here's how: 

  1. From the left menu, click Taxes. 
  2. Click Returns.
  3. Look for the transactions and then click the Prepare return dropdown.
  4. Select the View Summary. 
  5. Click Save.

Here are some good references that you can check out about handling VAT in QuickBooks:

Drop me a comment below if you have any other QuickBooks concern, I'll be around to help. Take care.

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