Coconut can be used to record your VAT on your income and expenses on a cash basis. Whether you are on the standard scheme or flat rate scheme.

To submit your VAT return, right now you’ll need to pair Coconut with some other software called bridging software (although completing the submission through Coconut is on our roadmap)

Completing your VAT return yourself

To do this complete the following steps:

  1. Export your data
  2. Work out the totals for each box 
  3. Use a bridging software to submit the return to HMRC

To help along the way, we have created a VAT return generator in which you will be able to drop the exported data into the sheet and this will populate your VAT figures for you.

Here are some links to bridging software that can be used to make your submissions:

  1. Portico- This is free bridging software that will enable you to submit your VAT figures.  You will be able to simply input the relevant VAT figures into the nine VAT boxes into the webform and submit the figures to HMRC.
  2. Tax Optimiser- A free solution (for the first year) and can link up to any excel sheet that you keep your records on and submit the return through their cloud based solution. 
  3. HMRC- If you are under the VAT threshold of £85,000 and you have not yet enrolled for MTD as it is not mandatory for you, you will still be able to submit a VAT return through your HMRC account.

There are quite a few bridging software solutions, so be sure to do further research into what works best for you.

Use your accountant

If your accountant submits your return for you, you can share access with them. They’ll be able to export your data from there and use that to prepare and submit your return using bridging or accounting software.

Ask Coconut for help

We appreciate that this is tricky to complete your returns in a separate tool to using Coconut. If you’d like our help to complete your return we can help you with this, just message our support team and we will help prepare your figures and get you set up with bridging software if you don’t have an accountant that can help you with this.

If you are an accountant and would like to be walked through how to do this, please book a call here and we will take you through it.

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