Make Tax Digital
- Silas Canning (Unlicensed)
Analytics
The Tax Return Module in Moveware has been enhanced to enable reporting of VAT as part of MTD.
In Moveware VAT is set in the normal course of processing transactions and then transactions for the return period are filtered using the Tax Return Module. Transactions are grouped together and summed as required to report VAT as per HMRC guidelines.
These values can then be submitted digitally to HMRC to form the basis of the VAT Return. In some cases the values may need to be edited to take into account any previous amendments or in case the values are required to be adjusted to match the balance sheet.
Once the information is submitted the transactions are flagged as being processed so that they will not be used in subsequent returns.
Select General Ledger > Tax Return Module. The following screen will display:
Ensure that the VAT Registration Number (VRN) displayed is the correct for which you will be reporting on. If you are reporting for multiple VRNs, they will need to be done individually.
Click “Get Obligation” to retrieve the next VAT submission obligation and read the instructions carefully.
Click OK. You will be presented with the Making Tax Digital (MTD) screen where you will be making the call to HMRC to retrieve the periodKey for your next obligation. This periodKey is required when submitting your VAT figures in the 3rd step mentioned above.
Again check that the VAT Reg No. is correct and click ‘Get Obligation’. If this is the first time you’re interacting with HMRC in relation to the VRN specified, you will be asked to authorise Moveware to interact with HMRC on your behalf (contact your Moveware Administrator for assistance with set up).
Otherwise you will be presented with the response of the ‘Get Obligation’ call from HMRC. If the response is successful, you will be given the details of your next obligation which includes periodKey, start, end, due and status.
Click Exit and note that the period retrieved is populated into the screen and will be used for steps 2 & 3 in the process.
Click Run Report and note that the Period returned from the Get Obligation will be auto populated.
You’ll need to ensure that you run the report for all the companies and/or branches which fall under the VRN that you’re reporting for. You may change other filters as required, however, note that if you change the period, it may return values that fall outside of the period for which you’re reporting for. Once the filters are set, print or preview the report. The image below shows the last page of a typical report.
10. Check report for accuracy.
11. Close the Report dialogue screen. A summary of the Tax transaction totals appears. The report Filters used for producing the report are recorded in the screen.
12. The transactions included in the totals can be viewed in the Transactions tab.
13. If the total figures are for any reason incorrect, you may adjust them using the Adjustment column. Note that No. 3 & 5 are auto-calculated. Clicking ‘Reset to Report Values’ will remove the adjustments and reset the final values to what the report values.
14. Once you’re happy with the Final Values to be submitted for the VRN displayed, click ‘Submit VAT’.
15. You will be presented again with the MTD screen showing the periodKey as well as the values for which you’re submitting during this period. Carefully read the legal declaration on the top right and check the ‘Accept’ button before clicking Submit VAT.
16. The screen will display the results from your submission which includes the processingDate, formBundleNumber, paymentIndicator and ChargeRefNumber (if applicable). Click Exit when done.
17. The results of the VAT submission will be displayed beneath the corresponding button for now as well as in the History tab for future reference.
18. Continue onto the next step which is “Process Transactions” and the following warning will display.
19. If you’re happy to proceed, click ‘Yes’. The History tab provides a record of each tax period processed as well as any results of VAT Submissions to HMRC.