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louisa@bloomingm
January 15, 2024
Question

I registered for vat on 19th September my vat is running 19th sept to 31st December but on quick books its quarterly can I change this to include the 3.5 months

  • January 15, 2024
  • 2 replies
  • 0 views
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2 replies

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ChristieAnn 11
January 16, 2024

Hello there, louisa@bloomingm.

 

Please know that changing the VAT filing period to 3.5 months is currently unavailable in QuickBooks Online. I'll be providing further details about this to ensure you can manage your filing frequency.

 

The most common interval for filling out and submitting a VAT return to HMRC is quarterly. Sometimes a VAT period can be yearly or monthly. If you use the annual accounting scheme, you have to file one VAT return each year, but you need to make interim VAT installments based on an estimated liability for the year.

 

You can ask HMRC for a monthly tax period if you expect to regularly reclaim VAT (if you usually pay more VAT on your purchases than you charge on your sales). In that case, you have to file 12 VAT returns per year. However, you can't use monthly VAT periods if your turnover is below the VAT threshold and you registered voluntarily for VAT. You must file a VAT return even if you don't buy or sell anything VATable during your VAT period. For additional details, you can refer to this artilcle: VAT: Getting started.

 

In case you need steps on how to run a specific report that contains transactions that are included in each box on the VAT return, you can read this article: VAT Detail Report.

 

Let me know if there's anything else I can help you with with your VAT filing or correcting your tax returns, louisa. I'll be right here to provide the information that you need.

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louisa@bloomingmAuthor
January 16, 2024

its only a one off as I registered in middle of September (19th) so HMRC have put the period 19th sept - 31st December - so basically I cant use QuickBooks for this then?

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LeizylM
January 16, 2024

Thanks for getting back to us, louisa. I can share additional information about the filing frequency in QuickBooks Online (QBO). 

 

In QBO, you'll need to select a VAT scheme to enter the starting date of your return. The most common interval for filling out is monthly, quarterly, annually, and half a year. The option to submit a 3.5 month is unavailable. As a workaround, you can run a Tax Liability report and manually submit it to HMRC. 

 

Here's how to run a report:

 

  1. Go to the Reports menu and click Tax Liability Report.
  2. Customise the report and then click Run report.

 

To learn more about customizing your report, check out this article: Customise reports in QuickBooks Online.

 

In case you'll need to make adjustments in the future and manage VAT exceptions in the future, you can refer to these articles for guidance:

 

 

Utilize the comments section below if you need further assistance with your VAT submission. I'll be sure to get back to you. 

paul72
paul72
January 16, 2024

Hi @louisa@bloomingm 

Ever feel like you're talking to a robot?

Then, you probably are!

 

The simplest workaround for this would be to enter all the September transactions into QBO as 1st October.  Use the Memo Field to enter Actual Date in case you need to refer back.

That way, you can leave the VAT setting in QBO as quarterly.

 

HMRC doesn't receive individual transaction information from QBO - just quarterly totals - so it shouldn't cause any problems there.

 

Hope this helps.

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louisa@bloomingmAuthor
January 16, 2024

That's a great idea  

 

Thanks for your help 

 

All my sales are pulled from marketplaces automatically so its about 250 transactions to alter the date on (more work!) 

Do you happen to know a quick way to do this rather than each one manually?

 

Its seeming to me that QuickBooks isn't very quick 😞 

Or maybe its just me that can't understand any of it 🙂

Thanks again 

Louisa 

 

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