Thanks, that post is fine for those deregistering from VAT, however many will not be doing that, hence my questions on the 2 other options when remaining vat registered either in the FRS or switching to standard registration.
I have been working out how to do it each way with QF the way it is.
QF’s also adds the “vat profit” made using the FRS at year end as a taxable “Flat Rate VAT Sales Adjustment” so just running the vat return at a single vat rate and making an adjustment on that return will not account for the “Flat Rate VAT Sales Adjustment”
Will the following work for annual vat for this years dual FRS vat rates?:
On 31st March for the current vat rate %, submit a vat return on quickfile (with HMRC submission switched off), for the year upto 31st March. Then change the flat rate vat % to the new 16.5% from the 1st April.
Then at year end do another vat return for the remaining part of the year. Then add the two vat returns together and using the HMRC’s online vat submit the total years figs.
QF will then show all EOY vat correctly as well as show the correct “Flat Rate VAT Sales Adjustment” in the Turnover.
Then further vat returns can be submitted to the HMRC by QF in the usual way.
The above principle should also apply for someone who is switching from FRS to standard vat mid year, except they will also need to include vat on all purchase invoices from 1st April