Is it possible to toggle subtitles in VLC?

I don't know if it was already there at the time or not, but the way to do it now in 2018 is:

• Tools > Preferences
• Make sure "Simple" is selected in the bottom left in show settings.
• Click on "Hotkeys".
• Search for an "Action" called "Toggle subtitles" and configure your hotkey.

with Shift + v

That's the default shortcut to toggle the currently selected¹ subtitles.

---

¹_{There might be many subtitles available; cycle through them with v.}