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MTD & Till Takings

MTD & Till Takings

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Hello,

I have a few clients operating EPOS systems such as Salon Genius and iSalon.

VAT Output Tax for the returns has historcially been based on the 1/4ly summary provided by these systems.

What is the requirement under MTD for VAT i.e. what level of input (into say SAGE, Xero or VT)  is required? Each transaction,  or will a summary suffice? Can quartlery, monthly, daily totals still be used if so, which?

The EPOS system will provide an export of the detailed transactional data but it will make for a pretty large NL report/file!

 

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By Anita14
12th Apr 2019 12:12

Daily totals broken down by VAT rate if done with manual intervention. Any other than that would depend on your EPOS system maintaining the digital link with your accounts software. Sorry I can't find a link to evidence that but have heard the same question raised many times on HMRC MTD webinars.

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12th Apr 2019 12:16

Enter daily take or digital link . Lots more work than now ! We put weekly totals but this is no longer possible .

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By johnt27
12th Apr 2019 12:51

Daily totals are required whether manually entered or by digital link. Most connected EPOS systems give you the option to send granular info across to the likes of Xero, but you'll just bog down the system.

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12th Apr 2019 14:59

My interpretation is that you can keep the DGT figures and calculations in a spreadsheet and import the totals into the MTD book-keeping software.

This is based on the regulations which specifically say
(4) The information specified in paragraph (3) may be varied by direction of the Commissioners to make provision about—
....
(c)the operation of retail schemes under Part 9 of these Regulations (supplies by retailers);"

And if you take:-
https://www.gov.uk/guidance/vat-point-of-sale-retail-scheme-notice-7273
literally you would only do the VAT calculations once a quarter.

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15th Apr 2019 09:35

Daily totals are required per HMRC representative at Sage Roadshows.

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to Margaret Bell
15th Apr 2019 10:45

But what is the basis for this?
There doesn't seem to be any logic / argument for daily totals being input into the accounting software.
There's an argument for individual transactions (normal VAT law).
There's an argument for quarterly totals (Notice 727/3).
There's not much argument for a REQUIREMENT to use daily totals.
Personally I'm keeping weekly summaries on spreadsheets and importing these into the book-keeping software.

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15th Apr 2019 12:12

What a mess this all is .

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