Our limited company is leaving the Flat Rate scheme at the end of June and going onto standard VAT accounting.
I have some company purchases prior to being VAT registered which I will be able to claim VAT back on under the standard VAT accounting. Fortunately, year end on my Quickfile account has not been run yet, so I’ve been able to update each invoice with VAT paid. I can now have a cumulative figure in purchase tax control account (2201).
On 1 July, I will change Quickfile settings to reflect standard VAT accounting on cash basis. What will happen on my next return (09/2019) with value sitting in 2201. Will it automatically pull through onto the return or do I need to manually do something?