Can I change my VAT return period?

Can I change my VAT return period?

You log in to your VAT online account (your Government Gateway account) and request the change online. You can do this yourself, or your accountant can do it on your behalf as your tax agent.

Is VAT return based on invoice date?

If a payment is received or a VAT invoice is issued in advance of the supply being made, the tax point will be the earlier of either the date payment is received or the invoice date. If you use the VAT cash accounting scheme, the tax point is always the date the payment is received.

Can you backdate VAT payments?

There’s a time limit for backdating claims for VAT paid before registration. From your date of registration the time limit is: 4 years for goods you still have, or that were used to make other goods you still have. 6 months for services.

What date did VAT rate change from 23 to 21?

The standard VAT rate in Ireland from March 1st 2021 is 23% In September 2020, the standard rate of VAT was temporarily reduced to 21% until Feb 28th 2021.

Can I change my VAT return from quarterly to monthly?

To change from quarterly to monthly VAT returns, you can log on to your VAT online services account and select ‘change registration details’. Alternatively form VAT484 can be completed and sent to HMRC in the post.

Can I submit monthly VAT returns?

Monthly returns If making payments on account and submitting quarterly VAT returns does not suit your business you can choose to make VAT returns and payments monthly. To make the change to monthly returns you can either: apply online to change your registration details.

Do you charge VAT on proforma invoices?

Because proforma invoices are not considered to be VAT invoices, you cannot reclaim VAT using any proforma invoices that you’ve been sent by a supplier; instead you would need a full, finalised invoice.

Do you have to show VAT on an invoice?

You do not have to show all amounts on your invoices in sterling. If you issue VAT invoices in a foreign currency or language, you must: show the total VAT payable in sterling on your VAT invoice if the supply takes place in the UK.

How far can a VAT inspection go back?

The VAT inspection can go back three rolling years from the present day. So to give an example, if they came and did an investigation here and now in January 2019, they could only go back to January 2016 as part of their search.

What happens if you forget to charge VAT?

If you fail to register for VAT with HMRC when you are supposed to, you may face a penalty. Unfortunately, HMRC will still expect you to pay them the VAT that should have been charged at the time. And there’s more. In addition to a late registration penalty, you could also be charged with a failure to notify penalty.

Is the VAT rate going back to 23?

Deirdre Hogan. The standard rate of VAT is due to return to 23% on 1 March 2021. The temporary reduction in the standard rate of VAT from 23% to 21% was announced as part of the July 2020 Jobs Stimulus Plan as a measure to support businesses that were being negatively impacted by Covid-19.

What is the VAT rate in UK 2021?

The Chancellor announced at Budget 2021 that the temporary reduced rate of 5% will be extended to 30 September 2021. From 1 October 2021 the reduced rate for these supplies will be replaced by the introduction of a new reduced rate of VAT of 12.5% which will remain in effect until 31 March 2022.