Check out our video to see how the feature works, which is also summarised below.
How to set up and use the MTD feature
Once you’re all set up with a HMRC MTD account, you can go straight to the Tax Register section of system and select the transactions you want to submit a tax return for. You do this using the Actions menu and selecting “Include (by date)”.
The very first time you do this, you’ll be redirected to a HMRC login, where you need to agree to allow Khaos Control Cloud authority to communicate with HMRC. You’re given an authorisation code, that you need to copy and paste back into the system. When this is done, the pathway between the HMRC and Khaos Control Cloud is enabled, and you won’t have to do it again until the token expires, which will not be for many weeks.
Submitting the return
When the authorisation code has been entered, your VAT Return obligation periods from the HMRC portal will pop up. You need to select the period relevant to the data you’re submitting, after which you’ll need to confirm the bank account and date from which your VAT payment will be paid. There is also a legal declaration that you need to confirm, and there will be a notification of the amount VAT to be paid/reclaimed.
When you’ve agreed to all, you’re done! A successful submission message will appear to notify you that the journals have been posted, and you don’t need to do anything else.
Currency symbols on grids
Within the same September 2019 update, we’ve also introduced currency symbols to various grids. This works especially well for sales reports, as it allows users to see transactions in their base currency, showing the profit, margin, tax and gross of each sales order, in the currency it came in, with no limitations. This moves us closer to making Khaos Control Cloud as user friendly as possible.