Setting up a business in Practice Manager is required for the VAT Filer and to submit MTD (Making Tax Digital) VAT returns. It is here so that your necessary business details are stored, such as the VAT registration number and whether or not your business is registered for VAT. You are also able to create specific reports based on the information you enter in here such as usual year end, VAT information. You can enter this information by following these steps:
1) Launch Practice Manager.
2) Select the client that you want and select edit client/contact from the left hand side panel.
3) On the left menu, choose Business.
4) Select New Business on the right hand side if there is not one created already.
5) You will need to enter the name of the business, type of business and usual year end.
6) Once created, select the created business from the left menu or click on the business and edit business then enter the VAT information.
7) Then click on Finish > Finish and save.
8) Should you wish to complete an MTD VAT return you need to ensure that the tick box for 'Enrolled for MTD VAT?' is selected. Please ensure you are registered for MTD VAT first before selecting this box.
For further information on MTD VAT please refer to our website on:
For Accountants: MTD For Agents
For Individuals: MTD For Businesses