This article describes VAT reports and how to use them within Insight
VAT Reports – Overview
There are four options available on the VAT Reporting menu, and each one has a specific function.
- Go to Reporting
- Select VAT
- Select the VAT report type you wish to use from the Report Type drop down list
VAT Report
This report can be run at any time and for any date range. It will show all the transactions on the system that have had a VAT element as part of the posting and whether it is Input or Output VAT.
- Select Dates in From and To
- Select Branch (Optional)
- Select the box to include Payments (if required)
- Click Run
This report does not show the VAT Payable by offsetting Inputs against Outputs; it simply shows the entries and totals for each section.
VAT Return (Legacy)
The VAT Return (Legacy) Report is similar to the VAT Report in that it shows all the transactions entered on the system that have been posted with a VAT element. The additional feature of this report is that it calculates the amounts required for the VAT Return on the final page, which is submitted to HMRC.
- Enter dates in From and To
- Select Brach (Optional)
- Click Run
The numbered boxes match the Fields that need to be submitted in the online VAT Return submission for HMRC.
VAT Liability
The VAT Liability report shows the VAT liable at a specific point in time. This figure is pulled through to the Trial Balance when run for a particular date.
Please note that only a ‘Run To’ date is available in this report. It will detail all VAT entries (Inputs, Outputs and Payments) from the first entry on the system.
- Enter the 'To' date required
- Select Branch (Optional)
- Click 'Run'
If you have more than one branch, you can filter the VAT Liability report to run for a specific branch.
MTD VAT Return
The final VAT report on the drop-down list is the option for submitting your Quarterly VAT return to HMRC through the Making Tax Digital portal.
Please see our guide on VAT submission for more detail on setting this function upon Insight
**You must be registered for Making Tax Digital with HMRC for the integration to be available**
- Click Sign in to HMRC
- Sign into HMRC using your credentials
- Make any manual adjustments on the HMRC page if necessary and then click on Submit Return
The Submission Receipt Number will be shown on the final page of the Insight Report. You can then print or save this report for your records.