This section allows you to set up VAT parameters, which will be applicable to the company as a whole. hibooks allows Standard and Flat Rate schemes and also Accrual and Cash basis for counting VAT Return. On this page you can update VAT details of your company. Learn how to Manage Accounting Dates and Codes and how to complete The Business Overview Information.
How do I Complete the VAT Details Information ?
Select System Settings in the bottom left of your hibooks page.
Click on VAT Details from the side bar menu in the Financial Details section.
Complete the information and make the required updates.
VAT Registered : tick this tickbox if your business is VAT registered.
VAT Registration Number : enter the VAT registration number.
Effective Date : either the date you started using VAT returns in hibooks or when you become VAT registered if it was later.
First VAT Return : the date of the VAT return end date.
Registered Up to and Including : the date you stopped being VAT registered. This
field only appears if you untick the VAT Registered tickbox.
VAT Return Details
For the VAT Return Details we advise you to contact your accountant if you are not sure about completing this information.
Period : select the period you submit your VAT Returns (Monthly, Quarterly or Yearly).
Scheme : select if the scheme is Standard or Flat Rate. If you select Flat Rate you must enter the percentage.
Basis : select the basis (Accrual or Cash).
When you have finished completing and updating the information click on Save.
How do I Connect to HMRC ?
On your VAT Details page click on Connect To HMRC.
This allows you to submit your VAT Returns directly to HMRC by using your government gateway login.