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Vat Periods


#1

I’ve started my Quickfile accounting as of the 1st Sept 2018, and my VAT is set to quarterly payments as of Sept, Oct, Nov period , etc how do I change this with the Quickfile settings I can only see it for 4 monthly periods?


#2

The period settings in QuickFile are the normal quarters, but the way they’re expressed is a little confusing because HMRC generally refer to the period end where QuickFile uses the start month. If one of your quarters is 1st September to 30th November then you would choose March, June, Sep, Dec as your quarter dates in the QuickFile VAT settings.


#3

Ok thanks for that Ian

Should I set the Vat filing start date to my start of year also 1st September 2018 ?

Although this vat has already been accounted for manually Sept-Nov , should I still set this as the start date


#4

It’s up to you, but I’d be inclined to leave the start date blank and “submit” your first quarter return in QuickFile without actually sending it to HMRC (you might have to make some manual adjustments to make the numbers agree with what you submitted by hand). Subsequent quarters can then be submitted through QuickFile as normal, and when you paid what you owe for Sep-Nov you can tag that as a VAT payment to HMRC and it’ll all balance up nicely.


#5

So leave as blank… or maybe set it as my 2nd vat qtr start which is on Dec 1st ?


#6

If you do that then you’ll have to make more adjustments because when you paid HMRC for your first quarter there won’t be a matching liability entry to cancel it out. If you run the first quarter VAT return in QuickFile without submitting it to HMRC then it’ll properly account for the VAT element of the sales and purchases you’ve already recorded in that first quarter, moving the sales and purchase tax control totals over to “VAT liability” to cancel out what you paid HMRC.


#7

Hello Just tried it won’t allow me to leave my VAT start date empty it requires a date.