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July 25, 2022
Question

Can I submit a V.A.T. return only on invoices paid?

  • July 25, 2022
  • 1 reply
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1 reply

paul72
July 25, 2022

Hi @usermagfiresolutions 

You need to be registered on Cash Basis with HMRC (standard is Accrual).

Cash Basis = VATable when paid

Accrual = VATable on invoice

 

When you first started using QBO you will have entered one or the other.

I'm not sure if it's recommended to change without making sure everything is up-to-date & previous quarter's VAT return filed as all reports will change the way they count depending on your selection.

 

Change your company's accounting method in QuickBooks in just a few steps:

  1. Select Settings ⚙, then select Account and settings.
  2. Go to the Advanced tab.
  3. In the Accounting section, select Edit ✎ icon.
  4. Choose the Accounting method.
  5. Select Save, then Done.

 

Hope this helps.