Hi all,
Just taking a break from filing those last minute tax returns so thought I'd ask the wonderful AM community which bridging software you're all considering using?
I've had a look at the videos/ demos of a few and quite like taxcalc, any thoughts/suggestions/experiences yet?
Thanks!
Replies (22)
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Do you use taxcalc for returns and accounts? If so it makes sense. I’m just going to use Taxfiler for VAT as I already use it for everything else. They all do the same thing as far as I can see.
Hi Tim,
Where are you picking up the Taxfiler newsletter? I've done a google search and - nothing
Just joined the HMRC Pilot and successfully filed first digital VAT return using "VAT Return Manager (MTD) from Neilsonjamestech.co.uk
Neil there is a wealth of knowledge too. The API runs in Excel and if we an do it anyone can!
VT are saying it will be ready for the first submissions after the April date, ie, July. Would really prefer to have a peek at it before a final decision is made before committing to it.
We've got the BTC one, looks decent. It is February's job to set it up and make sure I understand it.
We use Tax Calc for self assessment and corporation tax returns filing. We have gone with Taxcalcs VAT filer and are using this to file to Government Gateway at the moment. It should be a relatively simple task to then move over to MTD once their VAT Filer software is ready.
Obviously can't use their Exel bridging software yet but it looks straight forward (fingers crossed)
I’ve had a look at TaxCalcs VAT Filer, and it looks nice and easy to use, maybe too easy?
All you do is click on Import Source Data, locate your Excel file, and then map which cells on the spreadsheet relates to the seven boxes on the VAT return (box 3 and 5 being automatically calculated).
However from my understanding this doesn’t ensure compliance with MTD. I thought that for Excel based accounting the figures reported for VAT must be digitally linked to the initial inputted data. Yet on TaxCalc VAT Filer you can use a spreadsheet that is not linked to the initial inputted data and still file. For example, I have a client that prepares two worksheets every quarter, one listing all the sale invoices they have raised, and the other listing and categorising the expenses they have incurred. I then extract the lines that are reportable for VAT onto a separate spreadsheet (by means of copy and paste), to prepare the VAT workings for said client to approve. VAT Filer lets me use this same spreadsheet as the Source Data even though it is not digitally linked to the clients’ worksheets.
Of course I can amend my work method to link my VAT spreadsheet to the clients’ spreadsheets, but is anyone going to actually police this?
Look at the offering from PTP. Tim Goode said it was compliant. Tim has pointed out that I mentioned the wrong company name I should have said https://www.absoluteexcelvatfiler.co.uk/
I have seen it in action.
QuickBooks Online are promising bridging software, so I may wait for that. However, as I understand it, cut and paste is out but '=' (the other spreadsheet total) and mapping is a digital link isn't it?
I would use the opportunity to move every business with turnover in excess of £85k who is on spreadsheets to a quality cloud bookkeeping solution, unless you're using a desktop product that can (or will) handle MTD (eg VT). You'll save so much time by using a proper accounting solution that the small monthly cost is insignificant compared to the savings in time lost trying to reconcile banks, sales & purchase ledgers, etc. from a DIY spreadsheet that does not include all of those reconciliation tools.
This has been my tactic for years. I use QuickBooks and both the desktop and online versions are MTD compatible. They are launching bridging software too in time for use which will help where there are groups or schemes to deal with (but FRS is already built in to the standard offering).
I accept spreadsheets from clients for information gathering but we do not use it for book keeping
I'm looking at btcsoftware, they have a webinar in a couple of weeks - https://register.gotowebinar.com/register/2229488919978099714