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Mr Tangerine Man
May 23, 2023
Solved

Switching VAT MTD submission to QBO

  • May 23, 2023
  • 1 reply
  • 0 views

I've started using QBO from 1 April and submitted first MTD return via a separate route.

I now wish to align QBO to take this into account along with year end brought fwd balances, and use QBO for future MTD submissions.

 

Can anyone advise how best to approach this please.

 

Thanks

Dave

Best answer by GeorgiaC

Hello Dave

 

Thanks for joining the Community.

 

Once Making Tax Digital is enabled, you'll be prompted to 'Take action' on your VAT dashboard to mark as filed any VAT returns in QuickBooks which have already been received by HMRC. Doing so will open your next VAT period in QuickBooks which you can submit electronically. If you've not set up VAT yet, you can do so by following the steps below:

 

1. Go to Taxes and select Set up VAT.
2. Choose the month you need to start calculating VAT from.
3. Select the filing frequency.
4. Choose the VAT accounting period.
5. Enter your 9-digit VAT registration number.
6. If applicable, select the Flat Rate Scheme (FRS) checkbox, then enter the percentage and registration date.
7. Select Next, then select OK.

 

QuickBooks calculates your VAT based on the VAT codes entered on your transactions. Opening balances for accounts can be entered using a journal entry - if you're unsure how to record this, we'd recommend reaching out to your bookkeeper or accountant for support. 🙂

1 reply

G
GeorgiaCAnswer
May 23, 2023

Hello Dave

 

Thanks for joining the Community.

 

Once Making Tax Digital is enabled, you'll be prompted to 'Take action' on your VAT dashboard to mark as filed any VAT returns in QuickBooks which have already been received by HMRC. Doing so will open your next VAT period in QuickBooks which you can submit electronically. If you've not set up VAT yet, you can do so by following the steps below:

 

1. Go to Taxes and select Set up VAT.
2. Choose the month you need to start calculating VAT from.
3. Select the filing frequency.
4. Choose the VAT accounting period.
5. Enter your 9-digit VAT registration number.
6. If applicable, select the Flat Rate Scheme (FRS) checkbox, then enter the percentage and registration date.
7. Select Next, then select OK.

 

QuickBooks calculates your VAT based on the VAT codes entered on your transactions. Opening balances for accounts can be entered using a journal entry - if you're unsure how to record this, we'd recommend reaching out to your bookkeeper or accountant for support. 🙂

    M
    Mr Tangerine ManAuthor
    May 23, 2023

    That's great!! Thank you 😊

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