Exact Globe

Product Updates 419, 418, and 417: VAT return reports with nil value supported for Making Tax Digital (MTD) functionality (UK legislation)

In this product update, the VAT return reports with the nil value can be processed via the Making Tax Digital (MTD) functionality in Exact Globe Next.

To generate a VAT return report with a nil value, there must be at least one transaction (that can be of a zero amount) processed within the VAT return period, that uses a VAT code that is linked to at least one existing VAT box. See the example below:

The zero amounts will be reflected in the VAT return reports as follows:

Upon the successful submission of a VAT return report, the status of the VAT return submission of the particular period will be updated to Fulfilled, as displayed in the following screen: