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MTD VAT return submission checklist

by Intuit Updated 1 year ago

This handy checklist will help you get prepared for your next Making Tax Digital (MTD) VAT return submission in QuickBooks Online.

If you're not sure if your business is exempt from MTD, we explain everything in this article.

The first step in filing your Value Added Tax return through QuickBooks Online is to set up VAT. This is a process involves entering information about your business, such as its name, address, contact details and banking information. It also requires entering the current rate of VAT.

Once your basic setup is complete, you'll need to select which sales tax codes are applicable for each type of transaction. This helps ensures that the correct VAT is charged for each item or service sold by your business, and will help avoid any costly errors when filing your return.

Make sure you're using the correct VAT registration number and VAT scheme–this is essential for accurate reporting under MTD.

Your MTD Government Gateway user ID and password are essential for filing your return through QuickBooks Online. You can find your MTD credentials by looking in any emails sent from HMRC regarding your VAT registration and returns.

You'll also need to have your business’s VAT registration number ready. This number should match the one you use in QuickBooks. If you don't use the same VAT registration number, you may face difficulties in submitting your return. Be sure to check this in your VAT settings before submitting your MTD return.

To make sure your VAT return submission process runs smoothly, it's important to set up the MTD for VAT feature in QuickBooks Online. This will enable you to authorise QuickBooks Online to connect with HMRC and submit your VAT returns.

You've done all the hard work and the setup of MTD for VAT is complete! You can now submit your VAT return through MTD. Here’s a step-by-step guide to submitting a MTD VAT return through QuickBooks Online.

More help

Have a question about MTD? Post a question on our Community and start a discussion with an expert.

QuickBooks MTD software currently supports Standard, Cash and Flat Rate schemes. QuickBooks Online Bridging Software supports Standard and Cash schemes. Businesses whose home currency is not GBP are currently not supported for MTD.
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