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Everything you need to know about connecting your bank and credit cards in QuickBooks Online

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Replying to:
IamjuViel
QuickBooks Team

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Hello there, @Paula.

 

Let me share additional information on how QuickBooks handles your VAT return filing.

 

QuickBooks MTD software currently supports Standard, Cash and Flat Rate schemes. Let's first make sure your QuickBooks software is updated to the latest version. This ensures that the program displays the latest features and downloads needed patch. 

  1. Open QuickBooks.
  2. Choose the Help menu.
  3. Select Update QuickBooks.
  4. From the Update Now tab, click the Get Updates button.

Once completed, let's reboot your device to make sure that all components are updated. Now, you can follow the steps below to submit your VAT return to HMRC for MTD:

  1. Go to VAT at the top of the menu.
    • Choose File VAT (Accountants).
      1. You will be prompted to ensure you have an Agent Services Account .
      2. Link your clients to agent services account and ensure they are eligible for MTD.
      3. Connect to HMRC using your new government gateway user ID and password.
    • Click File VAT (Small Businesses)
      1. Sign up for MTD for VAT
      2. Connect to HMRC
      3. Sign into HMRC using your government gateway credentials
      4. Grant authority to interact with HMRC on your behalf
  2. File VAT MTD
  3. Select the VAT return you're filing and click Proceed
  4. Review your return and click File Return
  5. Agree to the declaration and click File Return
  6. Click Finish.

Just a heads-up, businesses whose home currency is not GBP are currently not supported for MTD. 

 

On the other hand, there's no specific turn around time as to when the updates will be incorporated in the program. However, just follow the steps above to ensure that your QuickBooks is able to downloaded updates once it is available.

 

Feel free to leave your comments below if you have other questions or concerns about managing VAT in QuickBooks. I'm just a few clicks away.

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