VAT Report – Late Entry Transactions

Late entry transactions are those that have been created with a transaction date in a previous tax period after you have already saved and submitted that period’s VAT return. Unless you have manually adjusted your return or set your Start Date back in the past, these transactions have never been included in a VAT Report.

In previous newsletters and blog posts we recommended that you check for late entry transactions by setting the Start Date of your VAT report to an earlier date than the current period Start Date. Thats about to change, making things much easier.

We now take a more proactive approach. From now on you will be issued with a warning if you have transactions dated before the Start Date, and where those transactions have not yet been included in any other saved VAT report. You will then have the option of including these late entry transaction in the current report or ignoring the warning and proceeding as usual. For more information, please read the VAT/GST/Tax Report help document.

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Further Reading

Understanding VAT Thresholds: When Do You Need to Register?

Spring Statement 2022: What it means for small businesses

How to manage the final hospitality VAT rate increase in AccountsPortal