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Our company is leaving the VAT flat rate scheme (FRS). Our last day on the scheme was yesterday, 31st July. This was the last day of the VAT quarter for us. Today is 1st August, the first day of our next VAT quarter, and we are starting on the standard scheme today.
We've already informed HMRC that we'll be using the standard scheme from today. I want to know the clearest way to do this in Quickbooks.
Solved! Go to Solution.
We appreciate you reaching out here in the Community space, Kit. We'll share information about the procedure and help leave the VAT Flat Rate Scheme (FRS) inside QuickBooks Online (QBO).
Yes. You'll need to wait until you complete the VAT return for the last quarter before modifying your VAT settings inside the company file. You need to wait for confirmation from the HMRC regarding the date of your departure from the scheme before you can uncheck the FRS box. They're also the ones who can provide the new scheme's effective date.
Once done, these are the steps to help you add the standard scheme to your setup:
For more details, please see this article: Understanding the Flat Rate VAT Scheme in QuickBooks Online.
To help you handle VAT payments inside the program and to keep track of how what you owe, we're providing these articles:
It's been a pleasure to have you here today. We encourage you to visit us or comment below if you need assistance managing VAT settings inside the program. Our team will always be around to lend a helping hand. Keep safe.
We appreciate you reaching out here in the Community space, Kit. We'll share information about the procedure and help leave the VAT Flat Rate Scheme (FRS) inside QuickBooks Online (QBO).
Yes. You'll need to wait until you complete the VAT return for the last quarter before modifying your VAT settings inside the company file. You need to wait for confirmation from the HMRC regarding the date of your departure from the scheme before you can uncheck the FRS box. They're also the ones who can provide the new scheme's effective date.
Once done, these are the steps to help you add the standard scheme to your setup:
For more details, please see this article: Understanding the Flat Rate VAT Scheme in QuickBooks Online.
To help you handle VAT payments inside the program and to keep track of how what you owe, we're providing these articles:
It's been a pleasure to have you here today. We encourage you to visit us or comment below if you need assistance managing VAT settings inside the program. Our team will always be around to lend a helping hand. Keep safe.
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