What is the VAT Return Report?
The VAT Return Report (for United Kingdom businesses only) is a report that allows you to export CSV files in order for you to submit your VAT returns to the HM Revenue & Customs (HMRC) as part of Making Tax Digital (MTD).
MTD is an initiative designed to make sure the UK tax system is effective, efficient and simpler for taxpayers. All VAT-registered businesses with a taxable turnover above £85,000 are required to keep digital financial records and send returns using MTD-compatible software as of April 1, 2019.
You can run the VAT Return Report by doing the following:
- Go to the Reports section
- Under Accounting Reports, click on VAT Return.
To adjust your view of the VAT Report, click on Filters under Settings. From there, you can change:
- Reset all - Click on this link to restore the filters back to the default settings
- Date Range - Choose from This Month, This Year, Last Year, This Quarter, Last Quarter, or Custom to enter a specific date range
- Accrual or Cash-Based - Choose between Accrual which will pull data from the date of issue on your Invoices, or Cash-Based which will pull data from when payment was received on your Invoices
Once your settings are filtered, you can either:
- Click on the blue Download VAT Report for (Date) and a CSV file will download
- Click on the More Actions button, then select Export for Excel to download the CSV file
- Or click on Go to MTD Portal button to submit your return to the HMRC (you'll need to have your VAT Return report ready to submit to the HMRC as well)
For more information on how to access your MTD Account to submit your returns and more, click here.