The VAT Return report includes two sections which are VAT Audit and VAT Return. These reports can be viewed only if your business is registered for VAT and is set up as VAT registered on hAIbooks. If your business is registered for VAT, but then
Unlike the other reports, you can’t select a customised period for VAT reporting. The VAT reports are based on the VAT Return periods that you specified in VAT Details or by HMRC if you have signed up to MTD.
How do I Create A VAT Report ?
Select Reports from the sidebar menu.
If you’ve already made VAT Return as a favourite, it will show up in your Favourite Reports. If not, you will find it in the Tax Reports section. To access it click on the arrow next to it.
Select the Return Period you require from the drop-down menu.
Select your company’s VAT Scheme from the drop-down menu (the scheme is set in VAT details from Settings and you can permanently change it in the System Settings).
Please note that you can only create a VAT Return report if you’ve already completed the VAT Details section. But hAIbooks will notify you of this and give you the opportunity to complete the details:
Box 5 of the VAT Return report shows the amount you owe to HMRC (if the value is positive) or what HMRC owes you (if the value is negative).
How do I Mark a VAT Return Report as Filed ?
Marking a VAT Return as Filed marks the current reports as complete and submitted. To do this click on Marked as Filed.
Once your VAT Return report is marked as filed, you won’t be able to edit it or the transactions it contains. However, you can edit the report again by selecting Mark as Unfiled.
Note: If you add a transaction for the period for which the VAT Return has already been marked Mark as Filed, then hAIbooks will document the transaction as a Late Claim which means you can include it in future VAT Returns. Simply select Cover Late Claims when you are creating your next VAT Report.
For filing under MTD you will need to be registered with HMRC and file directly from the software. To do this click on File via MTD.