It was very important that businesses across the United Kingdom were ready to begin sending tax returns for VAT via a digital platform. The deadline has now passed and businesses should be up and running by now. On April 1, 2019, it became mandatory for businesses with a turnover in excess of £85,000 to submit tax returns for VAT via compliant software.
What is Compliant Software?
Software companies have been working hand in hand with HMRC (Her Majesty’s Revenues and Customs) to make sure it creates software that will help accountants in all qualifying businesses send its tax returns in the manner HMRC demands.
Businesses in the past have been using accountancy software like Quick Books, Xero, Reckon One, Free Agent or a number of well-designed spreadsheets to send its tax returns to HMRC in the past. Whilst this formula is still a good idea to keep going, the new MTD for VAT software must be purchased by qualifying businesses.
A lot of companies actually run the old systems in parallel to the new MTD for VAT-compatible software. Most MTD for VAT software is actually very easy to use and highly intuitive. They are designed to not interfere too greatly with existing practices.
MTD (Making Tax Digital) for VAT software is compatible with many of the older software systems still in place. It can also transfer information from spreadsheets via an SSV file transfer. This means there is no need to copy all the information over to the new MTD for VAT software, reducing the disruption in the accounting departments throughout businesses in the UK.
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What Does MTD for VAT Software Look Like?
The best features are the dashboard, where you can look up quickly a vast range of information. There is also a user control submission. This restricts access to authorized users only. A VAT report center also highlights the facts and figures of tax returns in real time.
Dashboard View of All Your Obligations
When choosing MTD for VAT software it is a good idea to be reminded of the things you absolutely have to do. Dates when submissions are to be returned and other key information periods. You will get gentle reminders at first and red flag warnings should you start to leave it too late.
MTD for VAT software checks over and submits VAT data in an MTD-compliant way to HMRC in an instant click of the mouse.