VAT details

VAT Details.

VAT registration number:
entered here.
HMRC VAT scheme:
Choose between the annual, quarterly and monthly VAT schemes.
VAT period ending group:
HMRC will advise what your VAT quarters are. You can then set them here.
This option is only shown when the ‘Standard (quarterly)’ VAT scheme is chosen.
Your estimated VAT bill is:
If you are on the annual accounting scheme for VAT, you can override the system generated VAT estimate here.
This option is only shown when the ‘Annual accounting’ VAT scheme is chosen.
VAT flat rate scheme:
can be enabled here.
Sector:
Choose the correct HMRC sector here to ensure an accurate flat rate scheme % is used for the VAT calculations of your business.
This option is only shown when the ‘VAT flat rate scheme’ is enabled.
VAT registered since:
Enter your VAT registration date to assist with VAT flat rate scheme calculations.
Are you in Northern Ireland and trade with EC countries?
Choose ‘Yes’ if you are a business based in Northern Ireland and need to apply EU VAT rules. This will enable specific VAT codes to use, all ending with EC.
Do you use Postponed VAT Accounting for imported goods?
If you import goods from overseas and want to use the new HMRC Postponed VAT Accounting scheme, then choose ‘Yes’. This will enable specific VAT codes starting with PVA.
You may wish to seek guidance from a suitably qualified accountant or bookkeeper on the best VAT schemes and settings for your business.

How did we do?

General VAT settings

Authorising MTD for VAT

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