In My back yard is about to be come VAT registered. This will mean we have to do a retrospective VAT return, so VAT will need to be charged on sales retrospectively from the date of VAT registration which isn’t the same date as the date you receive the registration notice.
Can anyone tell me if when going from no Vat to Vated sales can VAT be applied retrospectively in OFN or, in OFN is VAT only applied from the date you move OFN over in OFN and VAT on retrospective sales etc has to be worked out manually?
Did you not get the email in which I let you know about this?
VAT is only applied from the date that you change the enterprise to be VAT registered. There is no way to retrospectively figure this out. Note you’ll also need to update any VATable products to ensure they are marked with a tax rate to ensure that they calculate tax as well.
It is also worth noting that as this is the international community, in posting here if you don’t specify the country you are in you might get information about international tax systems.
I am sorry I must have missed that one.
Thanks for letting me know.