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What do QuickBooks Online users need to do to be MTD ready?

Posted on 21 Mar 2019 - Making Tax Digital

If you are currently using QuickBooks Online then you will be pleased to know it is already MTD Compatible.

Therefore, once you’ve reconciled your VAT return on QBO, you will need to submit the return through QBO to be compliant rather than submitting through the HMRC website.

Once you’ve submitted your VAT return for the relevant quarter ended March, April or May 2019 (if you submit monthly VAT returns then once March 2019 has been submitted), you will firstly need to register with HM Revenue & Customs to be in the ‘MTD Scheme’ using the following link:

https://www.gov.uk/guidance/sign-up-for-making-tax-digital-for-vat

Please also be aware, if HM Revenue & Customs currently collect your payment by direct debit, the transfer onto the new HMRC system is a change for D/D purposes and so needs to be set up at least 15 days prior to collection of the next D/D.

Once you have signed up to the HM Revenue & Customs MTD scheme, you will need to go into QBO > VAT Section > edit VAT settings > turn on MTD, and follow any steps.

As legislation changes, your QuickBooks Online software will be automatically updated – no downloads or installation of updates required.

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