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simonplayuk
Level 2

Good afternoon, if I switch to monthly VAT reporting as a result of the Domestic Reverse Charge implementation from 1/3/21, what happens to my existing open VAT return?

 
3 REPLIES 3
Ashleigh1
QuickBooks Team

Good afternoon, if I switch to monthly VAT reporting as a result of the Domestic Reverse Charge implementation from 1/3/21, what happens to my existing open VAT return?

Hello Simonplayuk, 

 

Welcome to the Community page, 

 

So you would file as normal up until you chance, then file monthly after that. 

 

The open return will just change to show a month instead. 

simonplayuk
Level 2

Good afternoon, if I switch to monthly VAT reporting as a result of the Domestic Reverse Charge implementation from 1/3/21, what happens to my existing open VAT return?

Thank you, that sounds simple. So, it currently shows Jan - March as my quarterly period. If I change to monthly from 1st March will I then have to file Jan to end of Feb at the end of March, and each subsequent month thereafter? Or do I need to keep it as quarterly until the end of the current period?

 

Sorry, we've been quarterly since 2003 so not used to things changing!

Ryan_M
QuickBooks Team

Good afternoon, if I switch to monthly VAT reporting as a result of the Domestic Reverse Charge implementation from 1/3/21, what happens to my existing open VAT return?

Hi @simonplayuk,

 

I appreciate the prompt reply. 

 

I'll add a couple of details on this query of yours about changing your VAT filing frequency in QuickBooks Online (QBO).

 

When you're ready to change the filing frequency, follow these steps:

 

  1. Go to the Taxes tab.
  2. Select Edit VAT menu.
  3. Choose Edit settings.
  4. Change the Start calculating my VAT from the drop-down menu to March.
  5. Don't forget to change the I submit VAT returns drop-down menu to Monthly
  6. Hit Save.

At this point, you'll see your open return change to a single month, which is March in your case. 

 

You can refer to this article for additional information about your VAT settings: Set up and edit VAT settings, VAT codes, and VAT rates

 

Don't hesitate to post back here in the Community if you have other concerns with VAT or anything else about your QBO company. I'll be sure to take care of them for you.