Do you have to set up a bank account?

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1

Hi, just checking out Quickfile after using a simple spreadsheet for 10 years. I only have half a dozen people that I invoice and make few purchases. Is it possible to use Quickfile just to log income and outgoing expenses and do the MTD VAT without connecting any bank accounts?

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Hello @XyZed

Is it possible to use QuickFile just to log income and outgoing expenses and do the MTD VAT without connecting any bank accounts?

Yes, but if you are on cash accounting vat scheme you would need to log payments as the payment dates are used to generate the returns for this scheme.

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Many thanks for your reply. Yes I intend to record every transaction, but just don’t need it to connect to my bank account, or generate invoices. I would just like to keep it really simple and send my own invoices and just enter in all transactions. But I need it to do the VAT.

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With the rules around Making Tax Digital for VAT if you want QuickFile to do your VAT returns then by far the simplest approach is to use QuickFile to generate your invoices as well. Under MTD you must keep your records in software of some kind and there must be an unbroken chain of digital links from there right through to your VAT return with no manual transcribing of figures from A to B. If you generate your invoices using QuickFile then both of these are satisfied automatically.

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Thanks Ian. It shouldn’t be a problem to let Quickfile generate invoices as my method of inputting their details. I presume I could still choose to send my own to the actual client instead of the Quickfile invoices?

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