If you're a business owner in the UK, you're probably aware that Making Tax Digital (MTD) is in effect. This means that you need to submit your VAT return electronically to HMRC using MTD-compliant software.
In this article, we'll walk you through the process of submitting your VAT return through QuickBooks Online, as well as provide some tips on recording VAT payments and changing the filing status of a VAT return.
Before you start, make sure you:
• Set up VAT and check that you're using the correct VAT Registration number–this is essential for accurate reporting under MTD.
• Set up the MTD feature and authorise QuickBooks to connect to HMRC before you submit a return.
- Go to Taxes, then select VAT (Take me there).
- Select the Returns tab.
- Next to the VAT return you need to submit, select Prepare return.
- Select Error check your return from the ▼dropdown options to check that everything on your return is posted correctly.
- When you're ready, select Submit to HMRC.
- Tick the I declare the information is true and complete checkbox.
- Select Submit to HMRC. Wait until you see the confirmation message and don't close this page until the receipt confirmation shows.
- Once HMRC accepts the submission, select Done.
That's it! When you submit a return to HMRC, you'll receive an email confirmation containing details about your submission and VAT return.
We're here to help
If you have questions about your VAT return, or need help fixing an error when submitting to HMRC, let us know. Sign in to QuickBooks and start a discussion with a qualified QuickBooks Online expert in our community.