Currently acting as a VAT registered sole trader and the currnet VAT period is 01 March to 31 May.
We will be strating trading as a limited company with a new ltd quickfile dataset from 1st May so what is our best way of filing the VAT return to cover Mar/Apr as a sole trader from one dataset and just the single month of May as the limited company?
You would have to enter the transaction up to 30/04/22 into your sole trader account.
On your limited company account make sure you set the Vat Filing Start Date in Account Settings > Company Settings > Click here for more VAT options to 01/05/2022
You will need to check your HMRC account to ensure the periods are correct for the Ltd company
(01 March to 31 May). As the start date will be set to 01/05/2022 the first return will only cover 1 month.
Are you keeping the same VAT number or will the ltd have a new number different from the sole trader? If the former then all the VAT liability for the whole quarter falls to the new ltd co.
Keeping the same VAT number for simple continuity. It appears then we just file 2 months from the sole trader QF dataset and then the remaining month from the new ltd QF dataset and hmrc will join them together?
Check with your accountant - when you transfer the VAT number all the legal responsibilities go with it so it may be that the ltd just has to file one return for the whole quarter, but including the pre-TOGC sales and purchases as well as its own. Definitely take professional advice, I wouldn’t want to get this wrong.
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