MTD Software packages

Does anyone know yet what software is going to be available to be able to comply with MTD

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Dear all,

After the trials and efforts of the January season, in this month I am keen to look at our internal practices including Software that is currently in use.

For information, we complete accounts on VT and then use TaxCalc for the tax work and have been satisfied with both for a number of years.

I am led to believe that HMRC are working with 18 software providers - some free some not, for MTD.  Does anyone have a steer on who these mystical 18 providers are going to be, or are we jumping the gun.  At present we still have a few of the Carrier Bag Brigade who will need to be led onto the new platform and Tax Year 2016-17 would appear to be the time to do it; the trouble is we have no idea what platform will be acceptable.

Any information would be gratefully received.  I appreciate that most small pratitioners will be resting after the 31/01/2017.  Alas I have to wait a few weeks before a short break.

Kind regards,

 

Stephen R Bullard

 

 

Replies (9)

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By Wanderer
03rd Feb 2017 14:59

If you use VT, this is for VTT+

Making tax digital
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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blue sheep
By NH
03rd Feb 2017 15:07

We went with Sage a few months ago for various reasons, glad to say they have been named on Aw as one of those leading the field on this.
But all of other usual suspects will be involved, Xero, free agent etc.

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By ireallyshouldknowthisbut
03rd Feb 2017 15:48

They will all have to do it or go out of business I imagine.

VT is in an interesting position on this given all their current products are spreadsheet driven so for the "accountant is going to do it" clients, then it ought to be an obvious choice for the "type 2 lines and shove the data down the pipe" clients.

So much effort for so much completely unused (and indeed unusable!) data.

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Replying to ireallyshouldknowthisbut:
By Tim Vane
03rd Feb 2017 16:05

ireallyshouldknowthisbut wrote:
VT is in an interesting position on this given all their current products are spreadsheet driven

Sorry, that's wrong. Only final accounts uses spreadsheets, and that is not a bookkeeping product. VTT and cashbook are native apps.

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By Tim Vane
03rd Feb 2017 16:15

It's probably fair to say that the software providers that get their products out first are probably the ones who were driving the MTD agenda in the first place. No way that HMRC got all this tech stuff together without the big companies pulling the strings. That's why it's been impossible to get anybody to admit anything.

It rather seems like the smaller providers have been left out of the loop which is why Sage and Xero are close to release in April and yet the likes of VT et al are still awaiting specifications from HMRC. What a con.

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Replying to Tim Vane:
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By cstwragby
03rd Feb 2017 23:00

Yes, I use Taxfiler for final accounts and tax returns and they are as much in the dark as us. Disgraceful. HMRC seem hellbent on forcing some agents and software companies out of business

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Replying to Tim Vane:
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By vtsoftware
04th Feb 2017 10:52

To be fair to HMRC, VT wanted to keep out of this until the uncertainty had settled. Now that it has (I think) we have notified HMRC that we intend to do MTD.

I think it should be straight forward. The Tax Data menu in VT Transaction+ already has the self employment p/l in the required format.

I think more interesting is what MTD for companies will involve. Will every company be required to notify HMRC who it has paid dividends to (and every bank interest)?

HMRC would then have the data for most peoples tax returns without anyone having to enter any additional data.

I also think that the compulsory payment of tax every quarter is only a short step away. Otherwise why bother with quarterly reporting?

Philip Hodgson
VT Software

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By janefg
09th Feb 2017 12:43

Amongst the software products that will comply with MTD, are there any that are NOT cloud based?

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Replying to janefg:
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By legerman
09th Feb 2017 13:41

janefg wrote:

Amongst the software products that will comply with MTD, are there any that are NOT cloud based?

VTT+? My intention was always to continue using it unless it wasn't up to the job. I am immensely pleased that they are on board and all this rubbish about needing cloud software is horlicks, and perpetuated by the cloud software providers.

Nearly all my clients rely on me to do their bookkeeping, and other than training some of them to start giving me stuff quarterly rather than annually, and in a shorter time scale, I can't see that changing.
That said, I will use the cloud for clients that want it, favourites at the moment are capium and qb.

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