On this Page you can update such details of your company as: VAT registration No, effective date, first VAT return, and VAT scheme and basis and etc. You also can set your company deregistered once it has been registered to VAT.
Update your VAT details
This Settings section allows you to setup parameters VAT, which will be applicable to the company as a whole. hAIbooks allows Standard / Flat Rate schemes and also Accrual / Cash basis for counting VAT Return.
Note: When selecting Flat Rate scheme system will create extra double entries for Flat Rate Adjustment, which you can see in Statement of Account Report, selecting Account Flat Rate Adjustment account in the “Account” field.
To update VAT details of the company do the following steps:
Select System Settings in the bottom left of your hAIbooks page.
Click on VAT Details in the Financial Details section.
Make required updates.
You have the option to connect our system directly to HMRC by selecting Connect to HMRC. This will enable you to fill in VAT return under MTD.
a. Choose VAT company status in VAT Registered field
i. No VAT: you won’t be able to create documents with VAT Rates, and VAT Return Report will be unavailable
ii. VAT Registered: you will have full functionality of VAT
b. So that the system can generate reports correctly, fill in all the required fields:
i. Enter the date in the Effective Date field from which you became a payer of VAT. For documents with Issue Date later than Effective Date, the VAT algorithm will be available. Documents before Effective Date will not be included to the VAT Return reports
ii. Select First VAT Return month in order to set the period of the first VAT Return report
iii. Select VAT Period to specify the intervals for subsequent VAT Return Reports
iv. Select VAT Scheme and VAT Basis to specify the algorithm for calculating the report
c. Changing settings is only applicable for reports that have not been marked as filled (link : VAT Return report).
4. Select de-registered in the “Registered for VAT” drop-in order to stop charging VAT. Note, that “De-registered” status will be available for setup only if the company is currently “VAT Registered”. Wherein filled, VAT Return Reports will be available for viewing. The functionality of VAT will not be available during documents creation.
5. Press Save button. Note, if you changed details which are applicable to the VAT Return report, the unfiled ones will be recalculated according to the new VAT Details.