TRUMBLES T1 SMALL BUSINESS ACCOUNTING MODEL

www.trumbles.com

VAT

· The VAT sheet is in two parts, a VAT Submissions Template and a Submitted VAT Returns report. The template is used to calculate quarterly returns and to generate a spreadsheet suitable for use with existing third party MTD Excel bridging software

· Below the template, the Submitted VAT Returns report is sized for 5 years. As you generate your VAT returns, this report auto-populates with a copy of the submitted information, thus enabling easy review of your quarterly submissions

· You must submit all records and VAT rates accurately and comprehensively ensuring that you comply with the guidance and instructions provided by HMRC: How to fill in and submit your VAT Return (VAT Notice 700/12) - GOV.UK (www.gov.uk)

· The Generate Return For MTD Filing button creates an Excel file on your desktop which can be used in conjunction with existing MTD Excel bridging software to upload quarterly submissions. This program also copies the quarterly return information into the appropriate section of the Submitted VAT Returns report

· Both the generated Excel file and the Submitted VAT Returns report are unprotected and can be modified if required

· The Box 7 Adjustments table in the Template header is used to calculate the adjustment amount for Box 7 (cell F20). You can further adjust this amount if needed by entering a reason and amount in the Manual Adjustment section (cells H11-I11) in the Adjustments Table

· You can also adjust other amounts (Boxes 1 to 9) using the green coloured input cells (cells F14:F22) in the Submissions Template. Where you make an adjustment, you must add an appropriate reason into the Comments field