Hi so after a lot of stress and dilema I think I will move manual VAt clients to a simple excel spreadsheet and use a bridging product like absolutes excel filer to comply with MTD for VAT. I'm an excel novice and was just wondering how I would exclude certain transactions (such as drawings, road tax, wages etc) from the spreadsheet for the VAT return? As there has to be a digital link and no copy and paste etc, would it work if items that were not relevant to the VAT return were kept on a separate sheet of the spreadsheet and therefore those figures didn't come in to play at all? I hope that makes sense? Many thanks for the help.
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MTD should not change anything. You are still including the same transactions as before in each box on the VAT return so put columns for each box on your spreadsheet maybe and link the totals to the bridging software.
If you're an Excel novice why not move the manual clients to bookkeeping package that will handle the VAT returns and MTD ?
Hi Puds2015,
We're very excited to learn you're bringing some clients over to Clear Books! If you need any help communicating with the clients, we have been creating emails for accountants to help inform clients of the change and the costs. Feel free to reach out to us if you'd like some communications help as you get ready for MTD.
Kind regards,
Karina
Clear Books Marketing Team
While I'm not convinced "copy and paste" should be a digital link, unless I've missed something, the documents from HMRC say no "cut and paste" and do not refer to "copy and paste"
Copy/cut and paste are not digital links, but will be permitted for the first year as part of the soft landing approach.
I don't know how they can run a business without double entry - maybe these are the businesses who will benefit from MTD (and I am the biggest MTD sceptic).
Try QuickFile. Honestly you would save so much time using a proper bookkeeping package.
This might give us all a bit more time to work it all out?
VAT Notice 700/22: Making Tax Digital for VAT
3.2.1.1 Soft landing regarding digital links requirements
“For the first year of mandation (VAT periods commencing between 1 April 2019 and 31 March 2020), where a digital link has not been established between software programs, HMRC will accept the use of cut and paste as being a digital link for these VAT periods.”
Puds, the only information to be submitted to HMRC under MTD for VAT, will be the same nine boxes that are currently submitted. As long as your excel workbook can produce the relevant figures, it should be quite straightforward to therefore exclude non-VAT transactions such as wages, drawings etc.
Simple...I presume you keep the Excel in a list, so just use filter at the heading of the vat column and exclude blanks.
Then outline the remaining transactions, copy and paste values to a new spreadsheet in the same workbook, and use that to submit to HMRC.