From 1 April 2019, all eligible UK VAT-registered businesses are required to keep their financial records in a digital form and submit their VAT returns using approved software. Find out whether you are eligible here.
Businesses whose VAT quarter starts on 1 April 2019 will be the first customers that have to file using MTD compatible software. The business (or an agent on their behalf) should now sign up for MTD. This will ensure that they are ready for their April return to be submitted using MTD compatible software by the deadline of 7 June 2019.
It takes 72 hours for the sign up process to be completed and customers that pay by direct debit should sign up 5 working days before their filing deadline.
This article is for accountants who are eligible, or have clients who are eligible for Making Tax Digital (MTD) or signed up for MTD voluntarily.
Now that you have set up your eligible clients on HMRC and QuickBooks, you can start submitting VAT returns for them using QuickBooks.
To do so, follow the steps below.
- Click on Taxes on left nav, and Submit Return for the VAT period in question.
- On the Prepare VAT return page, click on Submit to HMRC.
- A Submit your VAT return to HMRC window appears. Read through the declaration and select the I declare the information is true and complete checkbox, followed by Yes, I want to submit button.
- Your VAT submission will begin and can take a few seconds. Do not close this page while the connection is in progress..
- Once the submission is complete you will be prompted with the message below.
- You can choose to record your payment in QuickBooks immediately or later.
*QuickBooks MTD software currently supports Standard, Cash and Flat Rate schemes. QuickBooks Bridging Software supports Standard and Cash schemes. Annual submissions are not currently supported but will be coming soon. Businesses whose home currency is not GBP are currently not supported for MTD.