After VT Transaction + what next?

After VT Transaction + what next?

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Now that VT would not be preparing their bookkeeping software for MTD, what would fellow small practicioners (who use VT) do? I currently use VT, TaxCalc and Moneysoft and am very happy with all of them. Hence my dismay at the latest announcement.

I have been researching the various cloud based solutions and am overwhelmed with the options available. Xero seems to be quite popular but is it as easy as VTT+?

Any comments or advice on this would be very welcome.

 

Replies (27)

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RLI
By lionofludesch
24th Oct 2017 15:06

I feel badly let down by VT+.

Looking at Clearbooks at the moment.

There's a year to go and I don't want to be doing more than one 30 day trial at a time.

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Replying to lionofludesch:
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By aadil
24th Oct 2017 15:38

lionofludesch wrote:

I feel badly let down by VT+.

Looking at Clearbooks at the moment.

There's a year to go and I don't want to be doing more than one 30 day trial at a time.

What do you think so far?

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Replying to lionofludesch:
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By andy.partridge
24th Oct 2017 15:38

I can't bear Clearbooks. Too many idiosyncrasies like S*ge.
That said, the spreadsheet style version they are developing could be interesting.

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Glenn Martin
By Glenn Martin
24th Oct 2017 15:08

Xero has 5 versions from basic cashbook at £2 per month to full version with multi currency for £27 so will suit most of your client needs.

Clients find it very easy to pick up, once you add in a few apps they actually like doing it in many cases, which is about as exciting as bookkeeping gets.

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By bernard michael
24th Oct 2017 15:21

I have a bet with a local accountant that MTD doesn't happen next year as so much has still to be decided
So I don't bother to plan yet until I'm aware of exactly what the idiots want

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Replying to bernard michael:
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By Wanderer
24th Oct 2017 15:36

bernard michael wrote:

I have a bet with a local accountant that MTD doesn't happen next year as so much has still to be decided

Think that will be an easy bet to win! Does (s)he want to have a bet with me on the same terms?
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By Tim Vane
24th Oct 2017 15:37

As already mentioned I will be sticking with VTT+ for those clients that use it. If MTD does happen (a big if) then I don't evisage any difficulty in extracting the figures I need from the client to deliver to HMRC. However the big suppliers would try to dress it up to squeeze people onto their packages, spreadsheets and VTT+ will still be fine for most small businesses.

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Replying to Tim Vane:
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By aadil
24th Oct 2017 15:42

I suppose that would be the case whereby you take the figures from VT and manually post them onto the HMRC online client portal, much like Vat Returns.

However it would still be good to be able to submit directly from the software at the touch of a button.

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Replying to Tim Vane:
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By Tosie
24th Oct 2017 15:48

Thanks Tim will sleep better tonight. Have been feeling very guilty after encouraging several clients to invest in VTT over last couple of years.

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Replying to Tim Vane:
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By andy.partridge
24th Oct 2017 18:32

Sticking with VTT+? Me too, but it is useful to have a vague notion of a Plan B just in case.

I aim to steer clear of the early front-runners in the online arena - Clearbooks, Kashflow, Xero, Freeagent for fear of a Sage-like dominance and what that might bring. Once bitten twice shy.

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By SJRUK
24th Oct 2017 16:10

I think its too early to jump ship yet
I wouldn't be surprised when the time came there was a solution when using VT+.

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RedFive
By RedFive
24th Oct 2017 16:51

I agree with Tim, no need to panic. Keep calm and carry on.

I use VT+ For non vat clients, and a mix of Quickbooks Online or Sage 50 depending on complexity for the rest.

TaxCalc are developing a MTD ‘solution’ which I believe will take your data from any bookkeeping package then will file the MTD return - a bit like their VAT filer.

In reality, and as pointed out above no one - not even HMRC - know when what or how MTD will look. Even the recent legislation docs about MTD VAT are contradictory and clear as mud.

Yes I’m putting on more clients to cloud as it increases our efficiency alongside digital tools such as AutoEntry but as to MTD? Remember Osborne announcing the death of the tax return. Yep, still waiting.......

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By soundadvice
24th Oct 2017 21:10

I do hope there will be some way to use or adapt VT to the requirements of MTD even if some manual transfers of totals are required.
Interested to see a good number of respected posters on here are such devotees of VT.
I looked at a number of bookkeeping options when I started up 3 years ago and just found VT so intuitive and easy to use. I looked and tried several of the online options but they just seemed clunky and clumsy to use even with bank downloads and receiptbank etc; indeed letting clients loose with bank downloads seems to be a recipe for chaos in a lot of cases.
Even my young apprentice who initially loved one of the online systems has now come round to the virtues of VT.

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By Matrix
24th Oct 2017 23:08

I have also stopped looking and moving clients as been badly bitten by planning ahead. A client with a sole trade and Ltd Company, I put sole trade on FreeAgent when MTD first came out then moved Ltd Co from Sage to VT as VAT registered just a few months ago and charged for training.

She prefers VT to FreeAgent so is now doing both on there, since one is cash and the other CIS, so cloud software is not ideal. I haven't broken the news yet that she may have to change again after VT's announcement. So let's wait and see.

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By Peter613
25th Oct 2017 22:54

All hopes pinned on Taxcalc at the moment that they can provide a solution to this. See their announcement here https://www.accountingweb.co.uk/tech/practice-software/taxcalc-announces...

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Replying to Peter613:
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By legerman
26th Oct 2017 14:12

seitler wrote:

All hopes pinned on Taxcalc at the moment that they can provide a solution to this. See their announcement here https://www.accountingweb.co.uk/tech/practice-software/taxcalc-announces...

Has anyone else spotted this?

“We will provide sheets that can be copied into the practitioner’s spreadsheets. After being linked with the totals in the practitioner’s sheets, MTD Business Tax will then be able to take the spreadsheet and import all the relevant values. This meets HMRC’s requirement for data to be imported rather than typed into submission software.”

So it looks like we can't input directly into MTD software like I thought we might be able to do. Am hoping taxfiler will come up with something similar. I will have to have a play but hopefully the VAT input and output sheets from VTT+ can be dumped to excel then imported into the likes of Taxcalc or Taxfiler.

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By mavis02455
27th Oct 2017 21:41

I am staying with VT software for now.
Thinking of taking a trial with TaxCalc accounts production software

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By janemcd
09th Jan 2018 15:53

I was also dismayed by the announcement from VT as I have moved most of my clients on to it recently.

I found the website below - Neil does a VAT Return Manager for VT, both for individual companies and an Agency version. He also does Bank Reconciliation software for VT and I believe he is working on (or has developed?) Sales Order Processing. I contacted him to see if he will be providing an MTD compliant version of the VAT Return Manager and his answer was "I currently see no major problems in the concept of extracting 'Supplementary' data from VT into a later version of the VAT Return Manager. I will of course, have a better understanding once HMRC release the MTD specification."

www.neilsonjamestech.co.uk

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Replying to janemcd:
By mrme89
09th Jan 2018 16:13

Surprised at the prices. Expected it to be much more.

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Replying to mrme89:
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By janemcd
09th Jan 2018 16:26

I have tried the VAT return manager and it seems fine - I'm aware nothing is set in stone yet but it's reassuring that there may be a solution. I have a lot of clients on VT and I don't want to be panicking to change them all next year.

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By bernard michael
09th Jan 2018 16:13

That precisely is the point. When MTD has been nailed down and the parameters set in concrete decisions can been made as to the way forward with software (or not )

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RLI
By lionofludesch
09th Jan 2018 16:36

One of the issues forf me is trial and test.

I don't want to be submitting VAT returns, using this software for the first time, and only having the numbers to hand on 6th.

Obviously, I won't be expecting HMRC to be taking responsibility in any shape or form.

Anyway, that link is good news. Glad I didn't panic and shift all my clients to some other software. I like VT, I'm used to it and I've no great wish to change.

Incidentally, do we know the date of change yet ? Is it VAT returns starting after 6th April ? Or ending after 1st April ? Or what ?

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Replying to lionofludesch:
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By janemcd
09th Jan 2018 16:46

According to HMRC:

businesses will need to start keeping digital records and then submit VAT Returns via functional compatible software for return periods starting on or after 1 April 2019.

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By andy.partridge
09th Jan 2018 17:45

Looks promising. £48 a year? Worth a punt.

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Replying to andy.partridge:
RLI
By lionofludesch
09th Jan 2018 18:00

No guarantee that the MTD version will be £48.

The thing is - why didn't VT contract this out in the first place ? Or say that there'd be complementary software ?

These people are the poorest, most inept business folk ever.

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Replying to lionofludesch:
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By andy.partridge
09th Jan 2018 18:43

I don't know. They might be weary and not motivated by the challenge. They might be looking forward to riding off into the sunset to enjoy their autumn years. God knows, in January and at other times I feel like that.

To make the bold statement that they are poor and inept is unfair. I know I wouldn't delay longer than possible any retirement plans or risk my mental and physical health over MTD or HMRC nor would I sacrifice myself for my clients.

Forget guarantees, the point is there looks as though there might be an option to save us from moving ourselves and clients onto something else. Now there would be a serious cost if we had to do that.

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Replying to andy.partridge:
RLI
By lionofludesch
09th Jan 2018 18:57

andy.partridge wrote:
<

Forget guarantees, the point is there looks as though there might be an option to save us from moving ourselves and clients onto something else. Now there would be a serious cost if we had to do that.

Absolutely.

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