Taken from the latest AccountingWEB Presents event in London, QuickBooks’ Customer Trainer Richael O'Brien demonstrates two MTD for VAT solutions – eFiling and Bridging Software. Showcasing their differences, she shows how both ways are compliant and simple to submit to HMRC for MTD.
MTD for VAT solution: eFiling
Taking you through a live example with real screenshots, Richael gives step-by-step instructions on how to file directly to HMRC using QuickBooks software.
Providing important checks and reminders along the way, it ensures that nothing is missed to submit a compliant, quick and easy VAT return. Connecting to HMRC's system directly, it lets you know that your eligible clients are set up correctly and flags any issues to your client dashboard.
To get started you can migrate your full accounts data to QuickBooks to track and calculate VAT automatically and e-File securely to HMRC. Working closely with HMRC to ensure users are up to date on exactly what to do and when, the platform will also send you regular updates by email and through the product experience.
MTD for VAT Solution: Bridging software
For businesses using accounting spreadsheets, or with complex VAT requirements, there’s no need to change systems. All that’s needed to comply with HMRC is Bridging Software.
This video presents a different option of submitting to HMRC with QuickBooks, but this time instead of eFiling directly, you can simply submit with a spreadsheet. Richael demonstrates how to upload the spreadsheet with your 9 box VAT summary, which will auto-calculate for you, and communicate securely to HMRC who will then confirm instantly whether it has been accepted or not. There is no need to complete the full QuickBooks set up for this method.