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Digital Records in MTD

Do we have to post records to HMRC?

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Can someone simply explain me what is MTD and what HMRC will be expecting every quarter from clients?

I have read and know about it but want other's view.

I have also heard that you will have to post all the invoices and receipts to HMRC every quarter? 

Thankyou so much!

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RLI
By lionofludesch
19th Jan 2019 15:20

It's a great idea to post all receipts and invoices to HMRC every quarter! I may do that. That should grind the system to a halt in no time. Not to mention halting the down turn of Royal Mail.

With all due respect, if you've "read and know about it", how have you come to such a conclusion ?

The reality is that you will need to keep your records on some sort of computer software. Exactly what that software comprises is under debate. For the time being, a spreadsheet seems to be fine, provided you can use some conversion programme to link it to the new HMRC portal. Further down the line, that's probably not going to be acceptable. From what date will it not be acceptable ? We don't know.

There are a myriad threads on MTD on this forum already.

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By TaxTeddy
19th Jan 2019 16:25

Come on "Anonymous", nobody is that dumb.

A joke, for sure.

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By Nerdo1
19th Jan 2019 16:30

I have also heard about this invoice/receipts posting to HMRC through MTD compliant software.

This came from a very experienced accountant which confused me as well :/

It's only digital record keeping and reporting VAT through MTD compliant software and nothing else.

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Replying to Nerdo1:
RLI
By lionofludesch
19th Jan 2019 16:31

Quote:

I have also heard about this invoice/receipts posting to HMRC through MTD compliant software.

This came from a very experienced accountant which confused me as well :/

Must be right, then.

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Replying to lionofludesch:
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By johnhemming
19th Jan 2019 16:58

Other countries, however, are doing this.

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RLI
By lionofludesch
19th Jan 2019 17:03

So I understand.

What are the benefits ?

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By johnhemming
19th Jan 2019 16:36

I have done a high level video that gives a rough idea of how to use MTD in practice.
https://www.youtube.com/watch?v=Sd08HZnajFs

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