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Changing VAT filing quarters

Question asked by David Foster 3 years ago

We wish to change our VAT quarters to line up with our company year, which means shortening the quarter we're in from 3 to 2 months. We're currently on cash accounting.

Is it as simple as simply running the Report/VAT Return for the modified period (Nov and Dec) then reverting to running it ever 3 months again and filing normally? Or do I need to make a new scheme with new dates, under /settings/organisation/details and tax/tax/manage VAT schemes?

6 Replies

Hi David - yes just change the period when preparing the return, it will default to saying "Quarter" ending but you can change that to "Period", for the CB record.

Succinct and on the button, as ever. Thanks Paul

Follow-up question now! The calendar feature is still reminding me of the old VAT quarters. Presumably because I've left the Settings/Organisation/tax VAT period end as "July". Do I simply change that to "June"? Or do I need to go into "Manage VAT schemes" and create a new scheme with dates based on the right quarters? It isn't critical (which is why I've left this so long) but it is bugging me because it is wrong. And with a bright new start to the new year, I'd like to get it sorted out! Thanks, David

Hi David,

In this case, you are correct, you would have to add a new VAT scheme with the relevant period which should update on the calendar.

Thanks,

Tommy

Ok thanks. So what does the Settings/Organisation/tax VAT period end: "July" setting do? It must influence something!

Actually, simply changing the Settings/Organisation/tax VAT period end: "July" to September did it. I haven't needed to create a new VAT scheme.

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