If I use VAT rollback facility will I lose all sales / purchase information from that quarter and have to enter it all again?
Assuming no to Q1, I produced my first VAT report a week ago and clicked on ‘Submit’. I thought I had verified MTD with HMRC but I’ve had no confirmation of successful submission. When I view my VAT return the status simply says ‘Saved’. It is this return I wish to rollback but I want to be certain all my invoice entry work will not be lost.
I have subsequently visited my HMRC account and, having found no record of being registered for MTD, have registered and am now waiting the obligatory 72 hours before I will attempt to submit a report once more.
When you roll back the return the only that that’s removed completely is the journal that’s created as part of the return. The return is still saved on your account but with a status of “Rolled back”.
What actually happens when you create a return is we lock any corresponding invoices and/or payments (depending if you’re on cash or accrual accounting) and create a journal to move the balances so they match up when you pay HMRC. Rolling back a return will just undo this - remove the journal and the locks. All invoices themselves remain unchanged.
@QFMathew Mathew, thank you very much indeed for your confirmation and explanation. I’ll happily rollback the return now and produce a new one in a few days’ time.