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You can register your company’s accounting profile on the Exchange to HMRC’s ‘Making Tax Digital’ scheme.
The ‘Making Tax Digital’ scheme aims to help individuals and businesses get their tax returns done quickly and efficiently online.
You can also use the platform’s VAT facility to include supplier invoices and credit notes in your VAT returns even if your business completed loads on a different freight exchange.
IN THIS ARTICLE
- How to register for HMRC’s ‘Making Tax Digital’
- How to integrate HMRC’s ‘Making Tax Digital’ with the Exchange
- How to update your tax information
- How to submit a VAT return
- How to view all your generated VAT returns
- How to change your VAT scheme
- How to create a new expense type
- FAQs
How to register for HMRC’s ‘Making Tax Digital’
To register for ‘Making Tax Digital’, you’ll first need to go directly to HMRC’s website to set up your account before you can integrate with the Exchange.
Click here for more instructions and how to register:
https://www.gov.uk/guidance/sign-your-business-up-for-making-tax-digital-for-vat
If you need help joining ‘Making Tax Digital’, you can call HMRC to discuss any questions you might have:
https://www.gov.uk/government/organisations/hm-revenue-customs/contact/vat-enquiries
How to integrate HMRC’s ‘Making Tax Digital’ with the Exchange
After registering with HMRC for ‘Making Tax Digital’, you need to log in to the Exchange to authorise your account to interact with HMRC. Once you’ve approved the integration, it’ll be valid for 18 months. You can disconnect the integration at any time if you wish.
To authorise your Exchange account with HMRC:
Step 1) Click on the ‘Accounting’ tab from the top menu.
Step 2) Hover your mouse over the ‘VAT Returns’ drop down and click, ‘Generate VAT Return’.
Step 3) You will be directed to the page containing the message below. Click ‘Login to HMRC’.
Step 4) Your browser will redirect you to the GOV.UK website. Read the information carefully and click ‘Continue’ to proceed with the account integration.
Make sure to have your Government Gateway user ID and password ready.
How to update your tax information
On the Exchange platform, it’s only possible to update the VAT scheme you’re on. You can’t edit any other tax information. To change any additional tax information, visit the HMRC website.
Here’s how to update your VAT Scheme:
Step 1) Click on the ‘Accounting’ tab from the top menu.
Step 2) Under ‘Tax information’, click ‘Set the VAT accounting method’.
Step 3) Once you’ve registered with HMRC for ‘Making Tax Digital’, you can go ahead add your VAT number to the system.
Step 4) If you use the VAT Flat Rate Scheme, check the box and choose from the two options provided.
The Exchange currently supports only the standard 20% and the flat rate
‘Transport or storage, including couriers, freight, removals and taxis 10%’ schemes.
Please note: this does not include the 1% discount first given to individuals or business registering with HMRC and submitting their first tax return digitally.
Step 5) Click ‘Save’ to confirm your VAT number and scheme of choice.
How to submit a VAT return
Step 1) Click on the ‘Accounting’ tab from the top menu bar.
Step 2) Hover your mouse over the ‘VAT Returns’ drop-down.
Step 3) Click on ‘View All VAT Returns’.
Step 4) The page will then direct you to your VAT obligations.
Step 5) Under the ‘Submission Actions’ column, click ‘Submit’.
You will then be presented with a preview of your Open VAT period to do a final check before you submit to HMRC:
Step 6) If you are happy with everything, click ‘Proceed to Submit’.
Step 7) You will then be directed to a final confirmation page. Click ‘Submit’ to process your return and submit it to HMRC.
Once you’ve submitted your VAT return you will receive a confirmation message with a receipt of your submission.
You can review the details of your VAT submission by clicking on the links provided.
How to view all your generated VAT returns
Once you’ve generated a VAT return through the Exchange, you’ll be able to view it within the platform without having to go to the HMRC website.
You can view all your generated VAT returns, including open and past returns by accessing your ‘VAT Obligations’ page.
Step 1) Click on the ‘Accounting’ tab from the top menu bar.
Step 2) Hover your mouse over the ‘VAT Returns’ drop-down.
Step 3) Click on ‘View All VAT Returns’.
Step 4) The page will then direct you to your VAT obligations.
How to change your VAT scheme
The Exchange currently supports only the standard 20% and the flat rate
‘Transport or storage, including couriers, freight, removals and taxis 10%’ schemes.
Please note this does not include the 1% discount first given to individuals or business registering with HMRC and submitting their first tax return digitally.
Here’s how to update your VAT Scheme:
Step 1) Click on the ‘Accounting’ tab from the top menu.
Step 2) Under ‘Tax information’, click ‘Set the VAT accounting method’.
Step 3) If you use the VAT Flat Rate Scheme, check the box and choose from the two options provided.
The Exchange currently supports only the standard 20% and the flat rate
‘Transport or storage, including couriers, freight, removals and taxis 10%’ schemes.
Please note: this does not include the 1% discount first given to individuals or business registering with HMRC and submitting their first tax return digitally.
Step 5) Click ‘Save’ to confirm your VAT scheme of choice.
How to create a new expense type
There is a list of pre-existing expense types that may come in handy for your business. If you come across an expense that is not included in the list, here’s what you can do:
Step 1) Go to ‘Accounts Payable’ and select ‘Expense Types’.
Step 2) Click on ‘New Expense Type’:
Here you can enter the description of the new expense type and then click on ‘Save’.
This will then be added to your list of expense types when creating a new supplier invoice.
FAQs
What do I do if I think the numbers on my VAT return are incorrect?
Our digital software for submitting VAT returns is HMRC approved. Whilst we provide you with the facility to submit VAT returns digitally, Transport Exchange Group is not in a suitable position to advise whether your numbers are correct.
If you believe the numbers in your VAT return are inaccurate, we advise you to seek the opinion of an accredited accountant. An accountant can provide you with the correct information regarding any issues with your VAT return. If the accountant believes there is an issue with our accounting software, please raise a support ticket at the following link. Once you have raised a support ticket, we will escalate the matter to our developers for investigation.
Due to the nature of accounting queries, these tickets can take some time to be investigated, tested and rectified. We ask that you please be patient with our Support Team.
Can I apply HMRC promotional offers to my VAT returns?
Sometimes HMRC promotionally offers VAT registered members to submit their VAT returns digitally. Our software only accommodates the standard 20% and flat-rate 10% schemes. Unfortunately, it will not take into account any promotional offers HMRC are running at present.
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