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MTD & Till Takings Update

MTD & Till Takings Update

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Hello,

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!

Replies (4)

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By ireallyshouldknowthisbut
08th Jul 2019 17:58

Well what bit of the guidance are you stuck on exactly?

I personally am not aware there is anything very prescriptive. Unless you talk to software companies who tell you that you must use their product.

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By johnhemming
08th Jul 2019 18:08

My understanding is that you need the summary figure to go into the Vat return using a digital link or otherwise to take the daily takings and enter those manually.

That is, of course, not relevant to which accounting software you use.

https://www.gov.uk/government/publications/vat-notice-70022-making-tax-d...

4.5 Retail schemes
The following rule has the force of law:

In addition to the records listed in paragraph 4.3 above, if you account for VAT using a retail scheme you must keep a digital record of your Daily Gross Takings (DGT). You are not required to keep a separate record of the supplies that make up your DGT within functional compatible software.

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RedFive
By RedFive
08th Jul 2019 21:07

I agree with John and it is what we are doing. The link he has provided is quite clear.

E.g. inputting daily sales to the software that submits the vat return.

Don't read too much into it - you can't digitally link an old white box till to your software and HMRC don't expect you too.

We used to just type in a monthly total but now whether from a Z1, or Epos system we input total of each day. That's the only difference for retail sales for us.

We do have a few e-commerce guys where we have syncs set up for full transactional data but that is not required by the legislation (yet).

Extra tenner a month on the fee, jobs a good-un.

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