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MTD

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I currently use Compac (now Keytime/Iris) which I do not want to stop using.  HMRC have stated that MTD shall be extended after April 2023.  Do any other existing users of Compac have any ideas on software packages that could co-exist alongside with Compac?

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RLI
By lionofludesch
23rd Jul 2020 15:38

Luckily, I'm not troubled by these matters, but the key bit of information we don't have yet is the extent to which MTD is extended.

Even if we knew definitely what they think now, experience tells us it might not be what they think in two years' time. Or even one year. Or even at Christmas.

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Oaklea
By Chris.Mann
23rd Jul 2020 16:23

I'm with Keytime (IRIS) and am more than content to work with VT Software https://www.vtsoftware.co.uk/ alongside. Book-keeping and Vat activities work a treat, via VT Software and the Keytime suite deals with the rest of my practice disciplines.

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By philomena
23rd Jul 2020 16:40

Would I be able to transfer Trial Balance details from Compac into VT Software?

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Oaklea
By Chris.Mann
23rd Jul 2020 16:52

There is indeed a facility to import a trial balance.

I believe the annual renewal subscription, for VT Software is £180.00 (including Vat) and for me, it's the best annual fee which I make. The system is; user friendly, comprehensive and extremely versatile.

Many members of the Aweb forum use VT Software and as an added benefit, VT Final Accounts and VT Transaction are free for 60 days

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By philomena
23rd Jul 2020 17:01

Many thanks

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By johnhemming
23rd Jul 2020 17:08

The issue with bridging Income Tax is that there are a lot more figures in the SA100 series of forms and trying to set them all up as accounts in the TB would be a bit of a challenge. You need to find a way of creating a digital link from each of the figures and having an approach that bridges that.

If you end up challenging the CIS figures you will also need all the CIS component figures. I think trying to do this from a TB would be difficult. However, you may simply rely on the HMRC CIS figure from the contractor.

Hence Bridging is possible, but relatively difficult. Vat has 9 boxes. I haven't counted the boxes for ITSA, but there are a lot. (and it is not a fixed number).

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By AWeb72
23rd Jul 2020 19:31

With this shambles of a government, I wouldn't plan for anything they announced as happening next month, never mind 3 years' time

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