Topic results VAT

CCH Workflow
_CCH VAT Return
This document outlines a workflow for monitoring the VAT return process, detailing how to initiate it through "jobs" and "assignments." It permits skipping the preparation and submission stages if clients choose to submit independently while ensuring continuity for future periods. Prerequisites include having the correct assignment template and frequency defined. The document also notes the option for responsibility allocation in tasks and suggests potential enhancements for task management. Visual aids are provided to assist users, alongside a link for additional compliance workflow resources.
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Twinfield
VAT Reports (Twinfield)
This document outlines the process for generating VAT return reports, which can be produced on a monthly, bi-monthly, quarterly, or yearly basis. It emphasizes that VAT analysis reports allow users to review and amend provisional transactions before finalizing the VAT return. Instructions include selecting appropriate report types, setting criteria such as the reporting year and transaction statuses, and viewing or editing transactions as needed. Images are provided to assist with the navigation and reporting process.
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Twinfield
VAT Return Process
This document outlines the VAT Return process, including steps for reviewing, calculating, and submitting the return. Key actions include running the VAT Analysis report, correcting any incorrectly coded transactions, finalizing provisional transactions within the designated period, and ultimately calculating and submitting the VAT return. Links to relevant resources are provided for further guidance.
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Twinfield
Postponed VAT
The document outlines the introduction of postponed VAT legislation for UK VAT registered entities, effective January 1, 2021. It explains how businesses can account for import VAT on their VAT returns, detailing the need to simultaneously pay and recover this VAT. Various examples and visual aids illustrate the accounting process, including the creation of new VAT codes and adjustments in accounts. Additionally, alternative methods for managing VAT in cases where the gross amount isn't fully payable to suppliers are provided, demonstrating the impact on financial records.
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Twinfield
HMRC MTD Gateways
This document outlines the process for managing HMRC Making Tax Digital (MTD) gateways in the context of VAT return submissions. It details steps for accessing existing gateways, creating new ones, and editing access rights. Users are instructed to properly configure the gateways, ensuring only authorized individuals can view them. The document also highlights the need to set the gateway as the default in the Twinfield company settings after creation. Important notes include ensuring authorization is complete and access rights are appropriately assigned.
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Twinfield
Creating and Submitting a VAT Return
This document outlines the process for creating and submitting a VAT return to HMRC through Making Tax Digital (MTD). It highlights the importance of reviewing provisional transactions, selecting the correct VAT period, and the available action buttons for drafting, recalculating, and submitting the return. It emphasizes that provisional transactions, once included, cannot be edited or deleted. Following submission, it advises checking the receipt ID and timestamp to confirm successful submission to HMRC.
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Twinfield
Bad Debt Relief Adjustment
This document provides guidance on correcting VAT Return boxes affected by bad debt relief transactions through CCH Practice Management in Twinfield. It references HMRC guidelines, detailing how to claim bad debt relief and the steps required to adjust VAT return figures. Key processes include creating additional VAT codes, posting adjusting journals for write-offs, and handling customer payments on previously written-off invoices. The document emphasizes proper coding and tracking of these transactions to comply with VAT reporting requirements.
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