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Filing VAT returns in UK

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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

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Financial Management

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crawlenj 130 on at

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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
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JAngle 33,155 on at

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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
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YUN ZHU 69,639 Super User 2024 Season 2 on at

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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

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