How Do I Find My VAT Quarter?

If you’re a business owner in the UK, you’ve probably heard of VAT (Value Added Tax). It’s a tax that is added to the cost of goods and services, and it’s collected by the government. One of the most important things to know as a business owner is when you need to pay your VAT. Knowing your VAT quarter is key to ensuring you stay compliant with the law and don’t end up with hefty fines. So, how do you find your VAT quarter?

The first thing you need to do is to determine when your VAT quarter begins. This is based on when you register for VAT. If you registered for VAT on the 1st of January, for example, your VAT quarter will begin on the 1st of January. If you registered for VAT on the 15th of February, your VAT quarter will begin on the 15th of February.

Once you know when your VAT quarter begins, you can then work out when it ends. The end of your VAT quarter is always the last day of the month in which you registered for VAT. For example, if you registered for VAT on the 15th of February, your VAT quarter will end on the 28th of February (or 29th if it’s a leap year).

You can also use the HMRC’s online VAT calculator to work out your VAT quarter. All you need to do is enter your VAT registration date and the calculator will tell you when your VAT quarter begins and ends. This can be a useful tool if you’re unsure of when your VAT quarter begins and ends.

Once you know when your VAT quarter begins and ends, you can then work out when you need to pay your VAT. If you’re registered for the standard VAT scheme, you’ll need to make a payment to HMRC by the end of the month following the end of your VAT quarter. So, if your VAT quarter ends on the 28th of February, you’ll need to make your payment to HMRC by the end of March.

If you’re registered for the flat rate scheme, you’ll need to pay HMRC by the end of the month following the end of your VAT quarter. So, if your VAT quarter ends on the 28th of February, you’ll need to make your payment to HMRC by the end of March.

It’s important to note that you’ll need to make sure you have enough funds in your bank account to cover the payment. If you don’t, you may be charged a late payment penalty.

Finding your VAT quarter can seem like a daunting task, but it doesn’t have to be. By following the steps outlined above, you’ll be able to easily determine when your VAT quarter begins and ends, as well as when you need to make your payment to HMRC.