Deregistration Day for VAT

We’ve had approval from HMRC to deregister w.e.f. 2nd April 2024.

Our last full quarter matches our financial year end of March 31st.

This means i will have to submit the final return for one day April 1st!

Will QF recognise the new one day qtr. for the last return or do i have to submit manually?

Will there be any settings I need to amend on April 1st ? Luckily for us this is a non trading day, so there should be no sales and i think most regular purchase e.g. rent will be delayed due to the bank holiday.

Txs

Dave


QuickFile pulls the open periods directly from HMRC in real time, so once the final period shows on there it should be available in QuickFile too.

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You will need to disable the VAT registered setting in QuickFile before you generate your next customer invoice after 1st, since you’re not allowed to show VAT on your invoices once you are deregistered.

If you have been on cash accounting there may be adjustments to make to your final 1st April return, since

  • you must account for all VAT on sales invoices issued prior to deregistration even if you haven’t yet been paid
  • but conversely you can reclaim the purchase VAT on relevant purchases that you have vat invoices for from your suppliers even if you haven’t paid them

Also, whether or not you were on cash accounting you might have to account for vat you’d previously reclaimed on assets and stock that you still hold at the deregistration date, but only if the VAT concerned is over a certain threshold.

If you’re unsure about any of this i suggest you check with your accountant.

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Super, excellent support as usual!

Thanks,

I’ve submitted the return up to March 31st. When will QF pull the next return (one day) Period from HMRC. Also, can I now disable the vat registered setting or do I have to wait?

The period should appear on QuickFile as soon as it appears on your HMRC online account - if it’s not showing on there when you log in to the government gateway then you’ll have to take it up with HMRC, not QuickFile.

Now you’re not VAT registered you will have to disable the VAT registered setting before you can issue any more invoices (since they must no longer show your VAT number or itemise any VAT) but you’d have to turn the setting back on temporarily when you’re ready to submit the final one day return.