Hi there, @gmcardle and Welcome to the Community.
Allow me to share some insight on your concern about turning the VAT option on while waiting for my VAT number in QuickBooks Online (QBO).
First things first, you'll need the following information when setting up VAT for your company:
- Your company's VAT registration number.
- VAT accounting scheme.
QuickBooks can automatically do the VAT calculations on your invoices and receipts for easy and accurate filings. However, a VAT number is required when setting up VAT in QuickBooks Online (QBO). I suggest waiting for it since it has yet to be there.
QuickBooks needs the VAT registration number to complete the setup. Once you already have the VAT number, you can follow the steps below to set up VAT:
- In QuickBooks, go to Taxes and select VAT.
Or go to Get things done and select Set up VAT in QuickBooks.
- Select the month you need to start calculating VAT from.
- Select your filing frequency for VAT. This is how often you will submit VAT returns to HMRC.
- Choose your accounting method.
- Select Standard (also known as accrual) if you record income and expenses when you send the invoice or receive the bill, regardless of whether the invoice or bill was paid or not.
- Select Cash if you record income and expenses when you receive the payment or pay the bill.
5. Enter your 9-digit VAT registration number.
6. If applicable, tick the Flat Rate Scheme (FRS) box and enter the percentage and tax registration date.
7. Select Next and then OK.
You have successfully set up VAT in QuickBooks Online. You can now track VAT for your customers, assign appropriate VAT categories to your products and services, check the amount of tax you owe, and submit your returns to HMRC.
Moreover, I am adding this article for more information and guidance: Set up and edit VAT settings, codes, and rates.
When you're ready to submit your VAT return, refer to this article for detailed steps and information.: Submit a VAT return in QuickBooks Online.
If you require any further assistance with setting up VAT in QuickBooks Online, please let me know. I'm here to help!
