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MTD4VAT: No Summaries for … Takings …

Do we agree?

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Taken from here:-
https://www.icpa.org.uk/blog/mtd4vat_no_summaries_for_either_takings_pur...

“Talking cash - if it is record keeping - can you have a spreadsheet with the daily total BUT just use a weekly/monthly total for the bookkeeping software e.g. SAGE? Do you just need the daily cash total just for an HMRC visit?” Answer was “The daily gross takings must be recorded in the digital records that are sent to HMRC. If the software is used to submit the VAT returns, keeping the DGT records in a spreadsheet will not be permitted.”

Do we agree? 

My interpretation thus far 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. 

Replies (5)

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JCACE
By jcace
03rd Apr 2019 18:52

You would need to ensure that there was a digital link between the spreadsheet recording DGT and the bookkeeping software.

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By Wanderer
03rd Apr 2019 18:58

Yes, agreed, that's the basis I'm working on.

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By johnhemming
03rd Apr 2019 19:30

That's the conclusion I came to as well.

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By Smalltalk
05th Apr 2019 11:57

jcace wrote:

You would need to ensure that there was a digital link between the spreadsheet recording DGT and the bookkeeping software.


Does the link have to be live, so if anything changes in the spreadsheet, then the entry in the bookkeeping software automatically changes? Most bookkeeping software allows the import data from excels, does the import counts as digital link?
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By Craig89
17th May 2019 13:21

I am considering the idea of importing the total from the spreadsheet and then attaching the spreadsheet to the entry so it held within the software. What opinion does anyone have on this approach?.

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