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JamesWoodcock
August 8, 2021
Question

MTD VAT return

  • August 8, 2021
  • 1 reply
  • 0 views

Posted our first VAT return to HMRC via MTD and all went well, except that when I reviewed later I noticed that the VAT owed amount (credit) went against my personal bank account rather than the company business bank account. Firstly how do I correct this and secondly where are the settings that I can change to make sure the my next return goes against the correct bank account. Appreciate your help. Thanks

1 reply

S
ShiellaGraceA
August 8, 2021

Hello, @JamesWoodcock.

 

I'll share the steps on how to correct the account for your MTD VAT return. You'll want to create a journal entry to correct the bank accounts. Let me guide you how.

 

  1. Go to +New.
  2. Choose Journal entry.
  3. Select the bank account under Account. Make sure to Debit and Credit the correct account.
  4. Click Save and close.

About the VAT account settings, you'll have to ensure you've selected the correct bank account when you record a tax payment. Here's how:

 

  1. Go to Taxes, then choose VAT.
  2. Select Payments, then tap Record Payment.
  3. Pick the bank account you've used to pay HMRC. See the image below.
  4. Enter the payment date and amount in the appropriate fields. Add a memo if needed.
  5. Click Save.

 

 

 

Want more details? Check out these guides: 

 

 

I'm also adding this link here to help you in managing your taxes in QuickBooks: Taxes.

 

Drop a reply anytime if you have follow-up questions or concerns with VAT. I'm always here for you. Take care and have a wonderful day ahead.

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