Change from Flat Rate - Cash Basis to Standard

Important steps

• Enter all transactions under the Flat Rate Cash scheme, for example, if your old VAT scheme ended on 30th September, enter all transactions with VAT dated up to 30th September
• Do not enter any transactions that will not be subject to VAT, for example from 1st October
• Allocate or delete all outstanding Payments on Account. This is to ensure all invoices get paid on the Flat Rate Cash VAT scheme
  Find out how to allocate or delete a payment on account
  
  • Read more on allocating transactions
  • Read more on deleting supplier payments on account
  • Read more on deleting customer payments on account
• Allocate or delete all outstanding Credit Notes
  Find out how to allocate or delete credit notes
  • Read more on allocating transactions
  • Read more on deleting purchase credit notes
  • Read more on deleting sales credit notes
• Submit your final VAT Return under the Flat Rate Cash VAT scheme
  Read more about how to submit your VAT Return
• Delete all transactions dated after your final VAT Return
  This is to ensure no transactions remain from your old VAT scheme. You can't change VAT schemes when you have transactions from your old VAT scheme. This is because we assume these transactions will have to go on a VAT Return first.

 NOTE: If you can't delete a transaction, or unable to submit your VAT Return, get in touch. 

Change to Standard VAT scheme

1. Select Settings and then select Business Settings.
2. Select Accounting dates and VAT.
3. Use the VAT Scheme dropdown to select Standard.
4. Select Save.
5. If you deleted any transactions before changing your VAT Scheme, you can re-enter them now.

If you have been using the incorrect VAT Scheme

This usually happens when you first sign up for Accounting and set up the wrong VAT scheme or chose Not Registered by mistake.

To correct this and get onto the right VAT scheme, read more on using the wrong VAT scheme.