Skip to main content
J
JBAccounting1
November 17, 2019
Question

Quickbooks VAT & MTD

  • November 17, 2019
  • 1 reply
  • 0 views

Hi.

 

So I am signed up to MTD through Quickbooks Online, and have submitted VAT Returns for the QE Apr-19 and Jul-19 with no issues. The next return I have to submit is the QE Oct-19. To complete these VAT Returns, I entered transactions for that quarter only, with the Feb-19 financial year-end having not yet been entered into QB yet (deadline end of Nov-19 to submit year end accounts)

 

I am currently in the process of doing my book-keeping and data entry into QuickBooks for my Feb-19 financial year end - so posting all transactions for the period 1st Mar-18 to 28 Feb-19

 

However, transactions I enter with VAT codes are coming up in the QE Oct-19 VAT Exception report, affecting the VAT due for that quarter, even though all of these transactions had been manually declared in previous Quarters VAT Returns prior to MTD starting, (e.g. Mar-18 transactions VAT have already been declared in QE Apr-18 VAT Return, but are also being accounted for in the Oct-19 return).

 

What way is there around this? Can anyone assist?

1 reply

IamjuViel
IamjuViel
November 17, 2019

I appreciate the complete details about your concern, @JBAccounting1.

 

When preparing your VAT return, you may see a column titled Exception Amount. This column represents transactions you've previously filed for, but have since changed, deleted or even added. 

 

To view the transactions that contribute to exception amounts, here's how:

 

  1. Go to Taxes.
  2. Find the VAT for which you're filing.
  3. Click on the arrow next to “Submit return”.
  4. Select View exception details.

This will give you the line by line transaction by transaction detail for your exceptions. For more insights, you can check this article: VAT exceptions and reports.

 

Just a heads-up though, QuickBooks is unable to unfile the VAT returns filed through MTD. I'd recommend contacting HMRC so you'll be guided on the next step to perform accurately.

 

To learn more about managing VAT in QuickBooks, you can read through these articles:

Feel free to swing by here in the Community if you have other questions. I'm always here to help.

Terms & ConditionsAccessibility statement