Do I really need VT accounts now I have Taxfiler?

VT or taxfiler

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Hello

My current VT subscription runs out in a few days and I am just wondering if I should renew or not. I have recently discovered taxfiler, and it seems to do a pretty good job. I just dont want to be too hasty and cancel my sub only to realise that I need it again.

My client are all very small and there is nothing I have been unable to do on taxfiler that I needed VT for in the last few months of using taxfiler.

Does anyone out there only produce accounts using Taxfiler?

Thanks

Leigh

Replies (23)

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RLI
By lionofludesch
24th Feb 2017 12:45

Personally, I'm keeping my options open until we have some news about MTD.

If it weren't for the unknown MTD issues, I'd agree with you.

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By Southwestbeancounter
24th Feb 2017 13:45

I started using Taxfiler for Trusts, Partnerships and Limited Companies last year as Sage was getting far too expensive for the small number of trusts and partnerships we have and I didn't like their CT software which was even worse once they re-wrote it than Digita's had been!
I still use Sage Taxation for personal SA clients as it ties in really well with Sage Accounts Production and although expensive I find it a good bit of kit and have used it for years so I can whizz through it no problem!
If I didn't like Sage Taxation so much I would probably have gone over to Taxfiler for everything but as it is using Taxfiler for the various clients I use it for (around 20-25) I find it very good and incredibly cheap for its abilities compared with Sage.

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Glenn Martin
By Glenn Martin
24th Feb 2017 13:49

Is Taxfiler not just a form filler for the accounts side of things in that you have to enter full balanced Trial Balance and it doesn't have a journal facility.

So surely you would need something that did the TB in if you have records that are not on a balanced bookkeeping system. Ideal though for dropping in a TB from Xero or whatever you use.

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Replying to Glennzy:
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By Cloudcounter
24th Feb 2017 14:13

That's exactly as I see it. I've used Taxfiler for some small sole trader accounts (single entry) and for a couple of jobs where we keep the records in Xero so there aren't any adjustments to be made.

For other jobs, including those where the client uses their own software it doesn't really do the job that we want it to do at the moment. The layout of the sole trade accounts is not very pretty either, not that that matters to everybody

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Replying to Glennzy:
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By carnmores
14th Aug 2017 21:12

that is correct Glennzy but now I have the hang of it I just respost the TB every time i make a change it remembers where to put everything, its a piece of cake , I think the jnl routine is coming but its easy to work around

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By chewmac
24th Feb 2017 15:20

Like some others I seem to remember I personally use VTT+ do make the entries before I produce accounts using VT. I find that much better and therefore worthwhile keeping VT.
I tried accounts on Taxfiler about a year ago and I didn't like the process or presentation but they might have moved on a bit since (I love it for tax tho).

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By legerman
24th Feb 2017 16:32

I stopped using VT accounts when I discovered taxfiler last year. Its not the easiest accounts production in the world but great for submission. I'm seriously contemplating going back to VT accounts (and keeping taxfiler) but I'm also going to look at capium as well because of the free cloud bookkeeping option, as I will be adding cloud options from April.

Thanks (1)
Jennifer Adams
By Jennifer Adams
24th Feb 2017 16:59

I too am reviewing my accounting and tax filing software Taxfiler is good but as cloudcounter says you have to create the trial balance etc and just load on. The figures then flow into the tax returns area of the system.
BUT they are now linked up to Quick books. Everything is going to change very shortly. Its the cloud you need to get into and the software providers will be pushing because of MTD.
I'm waiting for a bit until more is known - actually until I go to Accountex where all will be revealed by most of the software providers no doubt.

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By carnmores
24th Feb 2017 19:21

I use Taxfiler and Quickbooks online its magic. If we have to make a journal we do it in QBO and reimport at the touch of a button. For those who don't use QBO etc a journal routine is in the Taxfiler pipeline.

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Replying to carnmores:
By mrme89
24th Feb 2017 19:56

I did some trialling a bit since. QBO and Taxfiler is very slick.

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Replying to mrme89:
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By carnmores
24th Feb 2017 21:17

isnt it just its hard to describe how good it is , even without QBO just pasting in a TB is pretty phenomonal

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The triggle is a distant cousin of the squonk (pictured)
By Triggle
24th Feb 2017 19:36

I thought that if you had VT Transaction+ (the bookkeeping software) then that was bought outright at the beginning and that you only pay an annual subscription to update the VT Final Accounts spreadsheets.

Perhaps I'm wrong, but if you didn't renew your VT Final Accounts subscription you would still be able to use VT Transaction+ to maintain the client's records and get the final TB for input to Taxfiler at least.

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Replying to Triggle:
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By Manchester_man
25th Feb 2017 01:26

Yes this is my understanding also. I didn't renew my VT subscription but still use VTT+ without any issues

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Replying to Manchester_man:
By Moonbeam
25th Feb 2017 18:47

Same for me

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RLI
By lionofludesch
25th Feb 2017 09:36

Bottom line is that if VT don't have some way of uploading the records for MTD, they'll be out of business.

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Replying to lionofludesch:
By mrme89
25th Feb 2017 10:12

http://www.vtsoftware.co.uk/hottopics.htm

Quote:
The Tax Data menu in VT Transaction+ has been renamed Tax Data/MTD and a new Send To HMRC command added. The command does not do anything yet. The functionality will be added when HMRC make the exact technical details available.

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Replying to mrme89:
RLI
By lionofludesch
25th Feb 2017 13:24

There you are then.

Why are we all worrying ?

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By cbp99
26th Feb 2017 11:02

We continue to use VT accounts although we use Taxfiler for returns. The reasons are that it is easy to use, we can include our workings and schedules in the VT accounts workbook, and there is seamless integration with VT Transaction+.
We continue to use VT Transaction+ for most clients because data entry and drill down are much quicker and simpler than with online alternatives.
Regarding MTD, I have no reason to think that VT will not implement this successfully, just as they did ixbrl.

EDIT: Forgot to mention, the other reason for using VT Transaction+ is the nil cost of adding additional clients.

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Replying to cbp99:
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By chatman
14th Aug 2017 19:12

I think the Taxfiler cost is per client per year, so if you are already doing the tax return on Taxfiler, the accounts are free.

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SGA
By SGALtd
02nd Mar 2017 10:48

Discovered Taxfiler last year, now use instead of Taxcalc and VT. Links really well with Quickbooks online. Taxfiler is really excellent value for money.

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By pauljohnston
02nd Mar 2017 11:00

We use both.

VT is really good for working papers with extra sheets added as necessary (DLA, fixed assets etc). Once trial balance is created it is imported into Taxfiler. One reason is because VT accounts can be fiddly with formating

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By chatman
14th Aug 2017 19:11

I don't think you can add tables into the notes in Taxfiler can you? VT is very flexible in that way.

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By Stevebelton
15th Apr 2018 13:58

All very useful comments. I'm in exactly the same position in that my VT subscription runs out in a few days time and I have just filed a set of accounts using Taxfiler. Very quick and easy to do but like that the fact that VT is Excel based and it's easy to add tabs for journals and other workings etc thereby keeping everything in one place. I think I will be using both going forwards and re-review next year!

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