Despite reports that there will be bridging software available to electronically extract VAT data from spreadsheet based accounting records and then file that data directly to HMRC in an MTD for VAT compliant format, I have yet to see any definitive explanation as to how this will actually be done by the average businessperson or Accountant.
Bearing in mind that tens of thouisands of people must maintain spreadsheet accounting records in hundreds, or even thousands of different ways, and many do not even use Excel but opt for another spreadsheet formats for various reasons, I am at a loss as to how bridging software can possibly extract basic information, let alone all transactions.
In my view, it is an impossibility. We might be told that that Emperor is wearing new clothes, but we know for sure that he is actually wearing nohing, because that is what we see. I don't think we can seroiusly be expected to believe that there is magic bridging software on the way.
As perhaps the single most important software to affect the majority of businesses heading for the April 2019 deadline, I have yet to see any bridging software with a step by step description as how to use it and what it will do. Can ANYBODY describe in a way that we can all understand as to how we will be using bridging software in all conceivable circumstances in practice. We really should know quite a lot about this by now.
I don't think it is too much to ask as I am sure that there are tens of thousands of people like myself who are keen to know.
At the moment, people extract Accounting and VAT information from spreadsheets that range from very simple to very complex. There may be a variety of assocated supporting unconnected spreadsheets or Word documents, and myriad other ways of keeping accounting records.
Despite this, over a period of time, businesses will have developed ways of extracting & summarising the correct information to then type into the Government VAT Portal. There is no reason to believe that there are significant mistakes in using this type of system, indeed the human brain is exceptionally good at sorting out only the information that is required.
Show me the bridging software that can do all of this from existing spreadsheet systems with little or no change, and I will be truly impressed.