Leaving Flat Rate VAT Scheme - Quickfile Settings

[micksyl]

Hi,

I have chosen to leave the Flat Rate VAT Scheme for March 1st, which is the start of the quarterly VAT accounting period that I am now required to submit a return for. I have informed HMRC by post and have received written confirmation.

My question is how to facilitate this in Quickifile. I can see that I need to uncheck the Flat Rate Scheme checkbox in Company Settings. My question is, how does this work? Does this affect invoices and receipts (by allocating VAT on receipts) already entered or does it only affect invoices and receipts that I enter from now on?

Thanks

Mick Sylvester

[QFMathew]

Hi @micksyl

Changing this setting will affect any returns rather than the individual invoices themselves. Invoices won’t be affected.

For example, although you left on March 1st, if you update the setting today, your next return will use your current settings to calculate any VAT due using any invoices not included previously.

I would advise however, always download the calculations just to be 100% sure.