VAT Schemes in QuickBooks

Although you probably already know this, we thought we’d mention, that there are a number of VAT schemes for which you can register with HMRC, in addition to the standard scheme, which is accrual-based VAT reporting. Some of the schemes have specific thresholds, or apply to specific industries. For more information on this you can visit the HMRC website at www.hmrc.gov.uk/vat/start/schemes/basics.htm.

We tell you this because the important thing for you to know is that you can use QuickBooks to report VAT either on an accrual basis or a cash basis. If you want know more, have a look at the sidebar in this chapter where we describe the differences in these schemes.

QuickBooks can also report your VAT figures for different intervals, including monthly, quarterly, or annually. In this chapter, we assume that you are sending in quarterly returns as this is the most common scenario.