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?

simonplayuk · ‎February 22, 2021

Ryan_M · ‎February 23, 2021

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:

Go to the Taxes tab.
Select Edit VAT menu.
Choose Edit settings.
Change the Start calculating my VAT from the drop-down menu to March.
Don't forget to change the I submit VAT returns drop-down menu to Monthly.
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.

View solution in original post

Ashleigh1 · ‎February 22, 2021

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 · ‎February 22, 2021

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 · ‎February 23, 2021

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:

Go to the Taxes tab.
Select Edit VAT menu.
Choose Edit settings.
Change the Start calculating my VAT from the drop-down menu to March.
Don't forget to change the I submit VAT returns drop-down menu to Monthly.
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.

365Steve · ‎May 27, 2022

Hi @Ryan_M ,

I'm in the same boat here. I have a return open which is currently dated 1/4/22 - 30/6/22 but despite changing the vat settings today, from quarterly to monthly, the dates have remained the same. I want to submit a return on 31st may but currently I get the warning message "Select an end date which is not in the future.".

Can this take some time to update or should it have happened immediately?

thanks.

Steve.

Ashleigh1 · ‎May 27, 2022

Hello 365Steve, thanks for posting on this thread, so if you are MTD registered then the dates are set by the obligations HMRC send to us and not the VAT settings. If you log on to the HMRC portal what dates is it asking for on their website. Do they match Quickbooks?

610646700811

Thanks Ashleigh1 .

This is a very helpful post. It has solved my problem too (April 2024)..

I have followed your advice and logged into the HMRC portal, and found the "VAT period" setting on my VAT account. Job done!

I think it would be very helpful for many people if info relating to this issue could be flagged within QuickBooks Online VAT Settings (Edit) area. I have been struggling with the issue for over a week in response to a letter from HMRC. But clearly once MTD is enabled, this setting within QB is ineffective/disabled.

Another al;tentative would be for the VAT period setting within QB to be "greyed out" along with an explanatory note to refer to the HMRC portal instead.

CarlSJ

We're happy to hear that the information provided by our colleague helped achieve your goal.

Additionally, your suggestion could enhance the user's experience in managing VAT effectively. I'd recommend sending this to the development team to have this added to future updates: How do I submit feedback?

It's our priority to provide efficient assistance to our valued customers. Don't hesitate to keep us posted. We're more than happy to help.

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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?