You can access VAT Returns in two ways;
1. Go to Drive Desktop > VAT Returns > add new.
2. Go to Drive Desktop > Reports > Other Reports > double-click to open options for report.
On the VAT Return browse screen - any previously generated VAT Returns will appear. Highlight the VAT Return that you want to open and double-click.
To create a new VAT Return, click the New icon. The following screen will appear.
The screen will have options for all below fields. Fill in as needed.
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Generate VAT Return |
Generates the VAT Return for the months (From/To) specified. |
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Note: If you select to generate a VAT Return for a Period (Month From/To) that has previously been generated and updated then you only get values/transactions if new entries for the same period have been entered since the specific VAT Return was updated. |
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Reprint VAT Return |
Reprints a previously run VAT Return. You must choose dates where VAT Returns have already been run. |
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Note: If you include a month where the VAT Return was not done, a message will appear showing No Data Found. |
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From Month/To Month |
The dates you want to run the VAT Return for. |
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Include Full Details |
Includes the individual details of all items included on the VAT Return, purchase invoices, sales invoices, credit notes, etc. |
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Include Cumulative |
Shows the details of all previously run VAT Returns for the dates specified in the Cumulative from Month. |
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Cumulative from Month |
If you wish to view the cumulative VAT Returns you must specify the months you want to show it for. |
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Preview |
Previews the VAT Return with the specifications selected |
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Print the VAT Return with the specifications selected |
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Cancel |
Cancel the generation of the VAT Return Report i.e. close the screen |
Once you have made your selections and clicked Preview, the VAT Return Report will display on the screen.
The first page of the report will be the summary page, listing the VAT Breakdown under Sales/Purchases and the VAT Rates.
If selected, the subsequent pages will be the detail, all of the sales and purchase invoices/credit notes, their dates, refs, clients, suppliers, net, VAT, gross amounts, etc.
When you close the report, you will get the following message.
'Updating the VAT Return will result in all of the ‘Detailed’ invoices/credit notes listed on the return being flagged in the system as being included on that VAT return and therefore will be put into a read-only mode.'
If you select ‘Yes’, to update the return you will no longer be able to adjust the items that were included in it.
Note: You should ensure that you are happy with all items on the VAT Return before updating.
You can then use the icons on the toolbar to scroll through the report pages one at a time, or to the first or last page of the report, print, export the report (as a .pdf or to excel), and export the raw data to excel, send it via email, zoom or search.
FAQ: What should I do with entries for a previous or already updated VAT Return, recorded after the VAT Return was updated?
Where the VAT Return for a specific period is updated and then you receive or issue invoices that fall within that period, these invoices will be included in the next VAT period. You should record them on their actual date.
Notional VAT Transactions on Reports
The Notional VAT will appear on your VAT Return Report.
The VAT Rate Breakdown section will show you the Notional VAT Code separately, with Totals for Net, VAT & Gross for all notional VAT transactions.
The VAT Input Details section will show you all the individual notional VAT transactions along with their details [rate, %, doc & ref no’s, date, customer/supplier, net, vat, and gross amounts].
And on UK MTD Vat Returns, on the ‘Generate VAT Returns’ summary, the Notional VAT amounts will be displayed in Box 2 [VAT due on acquisitions from other EC Member States] and in Box 4 [VAT reclaimed on purchases and other inputs (including acquisitions from the EC)].