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April 4, 2020
Question

I am just starting with Quickbooks and want to a special VAT scheme "Direct Calculation Scheme" does anyone know if this can be done?

  • April 4, 2020
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1 reply

KlentB
April 4, 2020

Let me share some information about how Making Tax Digital works, norman3.

 

Currently, the QuickBooks MTD software supports only supports Standard, Cash and Flat Rate schemes. The Direct Calculation Scheme feature is only available in QuickBooks Desktop as of now.

 

I recommend reading this article to know more about the supported features for Making Tax Digital (MTD) in QuickBooks Online and Desktop.

 

For any VAT schemes that cannot be submitted through QuickBooks, you can choose to use our QuickBooks Bridging Solution. This is a CSV import tool that's accessible from within QuickBooks Online and for accountants who have access to their clients' books through QuickBooks Online Accountant.

 

The CSV import tool imports the final values (9 boxes) of the VAT (Value-Added Tax) return from a CSV file into QuickBooks from where it can be submitted to HMRC via their MTD (Making Tax Digital) application interface, therefore meeting HMRC's compliance requirements.

 

In addition, this 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.

 

Please know there's no additional cost for using the bridging solution. All you need is a QuickBooks online subscription and you are ready to go.

 

To learn more about this program, you can visit these articles:

 

I'll be right here to keep helping if you have further questions regarding this matter. Assistance is just one comment away.