I originally posted this back on 12/04 and got some useful replies. I wondered if there was any update on this in terms of summary figures being entered into MTD software rather than daily i.e. a HMRC change similar to the supplier statement about turn?
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!