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May 26, 2022
Question

How can I see if my revenues exceed £85 so that I'm over the threshold to register for VAT by the end of next month? Is it 12 month rolling basis or last 12 months?

  • May 26, 2022
  • 1 reply
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1 reply

May 27, 2022

Good day, @dickreuter.

 

In QuickBooks Online (QBO), we have the Profit and loss report that you can run to check if your revenues exceed £85. And for your concern about the rolling, it's 12 month period. 

 

To run the profit and loss report, here's how:

  1. Login to your QBO account.
  2. In the left menu, select Reports.
  3. Type in Profit and loss on the search bar and click on it.
  4. Set the Report period and other filters.
  5. After that, click the Run report button.

 

Additionally, if your annual taxable turnover is above the £85k threshold, you're likely required to use MTD to submit your VAT returns. But if the annual taxable turnover is below the £85k threshold, you can still sign up for MTD voluntarily. 

 

To know more about these details, here is an article that you can read: Everything you need to know about Making Tax Digital (MTD) for VAT with QuickBooks Online.

 

We also have a checker that you can use if you need to send a VAT: Making Tax Digital compliance checker.

 

Let me also share the links below to know more about tracking VAT in QBO:

 

 

Should you have any follow-up questions or concerns about VAT or any other QBO issues, don't hesitate to post again here in the Community or leave a comment on this thread. Take care and have a good one.