Making Tax Digital is a key part of the United Kingdom government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. This is one of two reports we've added to Lightspeed Retail POS for users in the UK to facilitate the transition.
The UK Digital Retail VAT report will provide a summary of the line items sold within a specified date range that includes all of the relevant information needed to submit your VAT return.
Exporting the UK Digital Retail VAT report
To export the csv file:
- Navigate to Reports.
- Under Making Tax Digital UK, click UK Digital Retail VAT Report.
- Select the date range you'd like the report to include.
Note: the date range selected here is exclusive, so in the above example, sales from March 4th and March 11th will be excluded from the report.
- Click Apply.
- Click Get Report.
The report will immediately be generated and downloaded in .csv format. You can then open the report with your preferred spreadsheet application.
The report will include all line items sold during the specified date range with the following information:
- the shop name where the item was sold
- the subtotal of the item before taxes and discounts have been applied
- the value of any discounts applied to the item
- the VAT rate applied to the item
- the date the item was sold
- the total tax value generated by the sale of the item
- the total sale price of the item after taxes and discounts have been applied
- the date the payment was processed
- whether or not the item was taxed, expressed as a TRUE (taxed) or FALSE (tax exempt) value
In addition to this report, you'll also need the UK Digital Normal VAT Report when submitting your VAT return.