News and Announcements icon

Dynamics 365 CommunityForums Small and medium business | Business Central, N... Filing VAT returns in UK

Small and medium business | Business Central, N...

Answered

Filing VAT returns in UK

(0) Share

Report

Report

Posted on by crawlenj

130

Hi,

Please can someone tell me what is the purpose of the following functions:

Within the VAT Return - 'Calculate and post VAT Settlement'
Within the VAT Return Period - 'Receive submitted VAT returns'

Many thanks

All responses Img

All responses (3)

Answers Img

Answers (0)

crawlenj 130 on at

Like (0)

Report

RE: Filing VAT returns in UK

Hi Josh,

Just thought of another question - at what point are the individual transactions flagged as having been reported through a VAT return? In most software it is the act of submission or marking the return as submitted that then flags the transactions. Is this the same in BC, or does this not happen unless the 'Calculate and Post VAT settlement' is run?

If so, is there any record in BC of the transactions that were submitted to HMRC if the 'Calculate and Post VAT settlement' isn't run?

Thanks again,

Nicola
Suggested answer

JAngle 33,159 on at

Like (2)

Report

RE: Filing VAT returns in UK

1. To close VAT entries in the company sub ledger and move the balance payable/receivable with HMRC.

2. Confirms that the submission has been received by HMRC. It’s not fundamental to complete and is more of a BC housekeeping task
Suggested answer

YUN ZHU 74,036 Super User 2024 Season 2 on at

Like (1)

Report

RE: Filing VAT returns in UK

Hi, Hope the following information can help you.

Calculate and post VAT Settlement

https://www.youtube.com/watch?v=kwuUxFpHLbk

https://docs.microsoft.com/en-us/learn/modules/settlements-dynamics-365-business-central/

https://www.youtube.com/watch?v=vfwUQLVQuyg

Receive submitted VAT returns

https://docs.microsoft.com/en-us/dynamics365/business-central/localfunctionality/unitedkingdom/making-tax-digital-submit-vat-return#to-receive-previously-submitted-vat-returns-from-hmrc

https://dynamics-consultants.co.uk/blog/posts/2019/july/using-making-tax-digital-for-vat-with-nav-and-business-central/

Thanks.

ZHU

Helpful resources

News and Announcements

Announcing Category Subscriptions!

Quick Links

Leaderboard

#1

André Arnaud de Cal... 291,359 Super User 2024 Season 2

#2

Martin Dráb 230,370 Most Valuable Professional

#3

nmaenpaa 101,156

Leaderboard

Featured topics

Product updates

Dynamics 365 release plans