VAT Snapshot

This form is accessed from the Action menu on the MTD VAT Centre form.

This is where you can take a snapshot of VAT return data for a range of tax point dates. If previous snapshots have been taken, then the most recent snapshot date will be displayed on the form with the from & to dates set accordingly. The VAT data selected will be updated with the snapshot date and can then be reported on in the future.

Existing VAT reports will have additional criteria allowing the user to select data based on whether and when it was included in a snapshot.

The VAT Snapshot functionality is designed to help VAT reconciliation with the Nominal Ledger.

Example: VAT Period is between 01/02/20 and 30/04/20. A VAT Snapshot is created for the period ranging from 01/02/20 to 29/02/20. This will allow the VAT Snapshot and the VAT Control account to be reconciled for February’s Nominal Period End. The same process is repeated for the period ranging from 01/03/20 to 31/03/20 and so on. This procedure will ensure that any mistakes or anomalies are cleared up before the VAT Period End figures are prepared for filing the 30/04/20 VAT Return.

VAT Snapshot exceptions can occur if for example a late purchase Invoice is processed for a period already captured in a snapshot.

Example: A snapshot was taken for the calendar month of February and then an invoice dated 23rd February was then processed, when the next snapshot is prepared i.e. 01/03/20 to 31/03/20, the February invoice is displayed as a snapshot exception in the March snapshot data.

NB: In reality this is not a true exception as it falls in the February period for the actual VAT Return.

Important: Take extreme care when selecting the “From” date of the first Snapshot as the date cannot be re-entered at a later point.

Box	Description
From	The From date that will be used for the VAT Snapshot. The From date will default to the start of the next Tax point date period based on the last snapshot taken. If no previous snapshot has been performed, then if the Opera processing date is the last day of a month (e.g. 31/01/2020 etc.) then the From date will default to the first day of that same month (e.g. 01/01/2020 etc.), otherwise, the From date will default to the first day of the month prior to that of the Opera processing date (e.g. If Opera's processing date is 25/02/2020, the From date will be set to 01/01/2020).
To	The To date that will be used for the VAT Snapshot. The To date will default to the last day of the month based on the From date.

Box

Description

From

The From date that will be used for the VAT Snapshot. The From date will default to the start of the next Tax point date period based on the last snapshot taken.

If no previous snapshot has been performed, then if the Opera processing date is the last day of a month (e.g. 31/01/2020 etc.) then the From date will default to the first day of that same month (e.g. 01/01/2020 etc.), otherwise, the From date will default to the first day of the month prior to that of the Opera processing date (e.g. If Opera's processing date is 25/02/2020, the From date will be set to 01/01/2020).

The To date that will be used for the VAT Snapshot. The To date will default to the last day of the month based on the From date.

When the user clicks OK to proceed, the process will select and save the associated data based on the specified criteria and a variation of the VAT return report will be produced.