Use quickfile for MTD VAT returns only, not full accounts?

[Alexis703]

i’ve obviously been living under a rock as today is the first time i’ve become aware of MTD & compliance required for filing VAT returns from next April.

i don’t use any accounting software at the moment, all done on excel spreadsheets & sent to our online accountant at year end. Year end accounts are very straightforward & usually completed with no queries from the accountant.

Filing our latest VAT return today, I see that HMRC will now be forcing me to use accounting software in future. Is it possible to use Quickfile purely for our VAT returns & not actually have to complete all the usual accounting entries that the majority of people use your software for? i.e. don’t have to enter transactions individually, just a total for sales & purchases per month & this will populate a VAT return?

I’ve only got about a year of doing the accounts for our family business so i really have no interest in having to learn a new way of doing things, that i’ve happily done ‘my way’ for the last 20 years - just call me Victor Meldrew

many thanks for any info

[QFMathew]

Hi @Alexis703

@Alexis703

i.e. don’t have to enter transactions individually, just a total for sales & purchases per month & this will populate a VAT return?

This is actually a common set up, especially for retail outlets or e-commerce sites. Generally, a daily/weekly sales figure is recorded.

However, it’s important that if you do use this option that you have the relevant backing documents. For example, invoices issued elsewhere (like an e-commerce site).

With purchases, I’d be inclined to say it’s the same. However, I’m not an accountant, so I would double check that this would be acceptable in the first instance.

I hope this helps.

[Alexis703]

That’s great, thanks for the quick reply.
Our accountant has advised now that she’ll have some ‘bridging software’ in place early next year which should mean I can just advise our quarterly figures for her to actually file our returns. Alternatively, I think it sounds as if QF software will do pretty much the same thing if I chose to do the entries myself.
Mild panic over for now at least!
Thanks again