Making Tax Digital (MTD) ..............

[Octopus]

The latest update which is easy to understand ......

BBC Radio 4 - Money Box, Money Box Live: Making Tax Digital - https://www.bbc.co.uk/programmes/m0000sx2

So if you are VAT registered - this affects YOU

 

[Nigel]

Who the hell still uses paper?

 

[Octopus]

Who the hell still uses paper?

Many, many, many people it would seem .......

Its not just about paper - MTD means you need software to send the information to HMRC - listen to the podcast ............

 

[Nigel]

Many, many, many people it would seem .......

Its not just about paper - MTD means you need software to send the information to HMRC - listen to the podcast ............

I cannot be bothered. It is well overdue and things need to be brought into the modern age.

 

[MDJ]

I cannot be bothered. It is well overdue and things need to be briught into the modern age.

? .

 

[Nigel]

? .

Hmmmmmm

 

[Gavin John Hyde]

HMRC give you there own generic slightly clunky software to use for this. you dont need to buy separate stuff.

 

[lurch]

HMRC give you there own generic slightly clunky software to use for this. you dont need to buy separate stuff.

not so I am afraid.

 

[Deleted member 105166]

This video seems to explain simply what is and isn't acceptable in terms of Excel submissions.
After watching it, as an exercise, I exported our last Sage VAT return to a two tab excel file (detail and summary) and replaced the text output with formula, then replaced the box 1-9 text output on the 'summary' tab with calculations pulling the respective values in from the 'detail' tab. I added a check formula for boxes 1-9 to confirm 0 variance between my formula and the initial Sage data. It took about 10 minutes to make an MTD compliant Excel file.

Sage (and others) want to use MTD to force people onto their 'pay monthly' cloud based software. Reality is for us and probably most small businesses, this will just add cost and no benefit, which is why we won't be going there!

 

[lurch]

of course remember if your under the £85k threshold then there is no need to go MTD

 

[Deleted member 105166]

I'm not sure if they are introducing all eligible businesses onto MTD at once (which, if so, will likely become another government disaster) however both our companies have had notification that the Jan-Mar VAT returns (due the first week in May) are the last quarter that can be filed 'the old way'. I see there is the option to go onto MTD straight away, however if you do this, you can't change your mind and revert.