Happy New Year
I am moving from Flat Rate to standard as from Jan 1st 2019 and just wanted to check that all i needed to do was change the settings? Sorry it does sounds a simple question but was unsure if this could be done mid accounting year - My year end is March 31st. At the moment I submit my VAT Manually through the web.
Another questions, which I am not sure if you can help me with: Vat Exempt - I do lots of work in the education sector but it is not clear from what i have read whether this is only if you are ‘on the chalk face’ or once removed as for most of the time I am?
MTD pilot: Is this something i can participate in? I see the practice area is available.
Many thanks as always and apologies for multiple questions.
Happy New Year to you too
The VAT settings change will take effect for the next VAT return. I highly recommend downloading the calculations (on every occasion, not just this one), and checking them. One thing to be aware of is that the VAT return in QuickFile doesn’t handle changes mid-period. So if you change half way through your VAT period, it’s likely that it’ll be calculated slightly different to expected. In this case, a manual adjustment may be needed.
If you’re just running the report, saving it, and then manually entering the figures into the HMRC website to submit, you would still need to check them.
I think this is one more for your accountant (I’m not one). VAT is quite a complex area, so it may be worth having a chat to them to see what they suggest. If you don’t have an accountant, we have a list of accountants in our directory.
QuickFile is part of the MTD VAT pilot, so providing your business is eligible and enrolled with HMRC, then we can enable this on your account (just let us know).
You can check eligibility here.
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