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Hello Could you advice on how to file Vat return on clients who are on a Retail scheme .Thank you

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TaliaIAnswer

Hello info121,

Welcome to the Community - thank you for your question!

You will need to use the bridging tool to submit retail scheme VAT. Please find attached a link on our bridging software and how to use it: https://quickbooks.intuit.com/community/Help-Articles/Submit-a-VAT-return-through-bridging-software-in-QuickBooks-MTD/m-p/242744?advanced=false&collapse_discussion=true&filter=location&location=category:community-uk&q=bridging%20tool&search_type=thread

Thanks,

Talia

TaliaIAnswer

Hello info121,

Welcome to the Community - thank you for your question!

You will need to use the bridging tool to submit retail scheme VAT. Please find attached a link on our bridging software and how to use it: https://quickbooks.intuit.com/community/Help-Articles/Submit-a-VAT-return-through-bridging-software-in-QuickBooks-MTD/m-p/242744?advanced=false&collapse_discussion=true&filter=location&location=category:community-uk&q=bridging%20tool&search_type=thread

Thanks,

Talia

A

Anonymous

Hi, this link doesn't work.

Hello, @514534.

My peer, Talial, would be happy to share with you the working link. You can reference this article: Submit a VAT return through bridging software.

You can also check the QuickBooks MTD bridging solutions - FAQ article to learn more.

Thanks and please place a comment if you need further assistance, we'd be happy to help. Stay safe!

A

Anonymous

In my case most of my sales are zero rated and I use the retail scheme apportion some of the sales as standard. So I record all my sales with a "retail" code that has a zero rate. Then at the end of the quarter I do the calculations manually to find the VAT apportionment. I then do a journal entry debiting the 'retail' sales, crediting standard VAT sales obtained from the calculations and to which I apply a a standard 20% rate. Seems to work.