Hi. Looking to using QuickFile. How does QF deal with VAT registration part way through a financial year please. Ie going from no VAT to VAT registration on the Flat rate on a Cash basis. This does not seem to be covered anywhere that I can find. I have yet to start entering any information into QF and want to make sure I set up QF correctly to allow VAT registration to happen part way through the year. Or do I need to prepare two sets of accounts? In this connection at first registration you can go back 6 months and make a one off claim against VAT for setting up the company.
Can anybody please clarify what I need to do and how QF handles this?
This post I think answers your question:
When you switch on VAT accounting from the company settings area (as described in the post), you will then have the option to start recording VAT on your sales and purchase invoices. These are then automatically picked up in the next VAT return.
Thank you, yes that seems to cover the question.
Like Ashten I am about to register for VAT part way through the financial year. I just want to confirm that if I apply VAT settings as described above, it will apply from that point ONLY and will not apply VAT to invoices or any other transactions prior to that date.
Absolutely! VAT will only be applied once VAT accounting has been enabled, you will actually see extra columns appear on the sales and purchase entry screens.