VAT Annual Accounting Scheme

Although within the VAT settings area you can configure your VAT settings on a quarterly and monthly basis, it is also possible to create reports for the Annual Accounting Scheme for VAT.

Running the Return

To submit the VAT return for a 12 month period, you simply go to Reports > Tax > VAT Management & Reports > Create VAT Return.

Use the date fields to select your reporting period, i.e. 01/02/2012 – 01/02/2013 > Create.

VAT Settings

The only options that will not be relevant to you in Settings > VAT Settings are the ‘On my overview page, show me how much I owe for the current VAT period’ and ‘VAT period’ option. There is not a setting to enable annual account for VAT, so under ‘VAT Period’ choose either option. These options make no difference to your reports and are only used for the ‘Include VAT liability on overview screen’ option.

See how IRIS KashFlow works with your business and your books