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Changes to how we record sales for MTD?

With MTD coming in, people will need to be more accurate regarding sales. But how accurate?

Hello, First post here so forgive me if I break the ettiquette. 

There are many small businesses out there who record sales simply using the totals from their till systems. They do not record each transaction in their accounting programs which will then hit the VAT return. Now I don't think (touching wood) that Revenue would force all small businesses to upgrade their till systems so that they can record each actual sale and then post them one by one into software. Businesses like restraunts or just your local corner shop would suddenly have to spend many more hours in front of the PC if this was the case and potentially have to foot a hefty till upgrade bill. 

My question is, does Revenue have an official stance on this? Can we continue to journal in our weekly till (i've worked with some people who do this monthly D:) totals? Or will it now need to be daily? 

Thanks

 

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By tom123
19th Oct 2018 10:53

The daily 'Z' readings need to be recorded.

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19th Oct 2018 11:11

This was literally answered, at length, nine posts ago.

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to Duggimon
19th Oct 2018 11:17

Ah the internet. A place full of nice individuals. I hadn't checked through the posts already put up. Apologies.

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to Duggimon
19th Oct 2018 14:36

"Hello, First post here so forgive me if I break the ettiquette"

New member. Possibly wouldn't go amiss to cut a little slack?

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to Chris.Mann
19th Oct 2018 15:52

I don't think I was rude, I directed them to the post in question. The "literally" was just to be clear I wasn't being hyperbolic, it was literally nine posts ago.

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