Software for Margin VAT scheme

Looking for recommendations on accounting software to help Margin VAT

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We have a new client, who is now registering for VAT. We are on the look out for an accounting software that helps with the recording of Margin VAT scheme. We currently have one client using Xero, whereby we have to do manual adjustments. So please advise if you would recommend a software that caters to this scheme.

Thank you

Replies (5)

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By Paul Crowley
19th Jun 2024 22:53

Loads of spreadsheet based bridging software at free or cheap prices
Just google 'Software MTD VAT' pick the .gov website and there are 544 available options, tick the free box.

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Replying to Paul Crowley:
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By Paul Crowley
20th Jun 2024 00:08

https://www.tax.service.gov.uk/making-tax-digital-software
27 results
I have a client using 123 sheets and there are happy

This is basic stuff
Add up the money received and apply a percentage. It takes no time at all.

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Replying to Paul Crowley:
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By Yossarian
27th Jun 2024 14:03

Paul Crowley wrote:

Add up the money received and apply a percentage. It takes no time at all.

Am I missing something, or are you perhaps confusing 'margin scheme' with 'flat rate scheme'? I wish the margin scheme really did take no time at all..

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By bendybod
27th Jun 2024 10:47

I haven't come across any software that caters for the margin scheme or partial exemption where you don't have to do manual adjustments. We use QB for both of ours.

We use coding in order to make life easier with things like overseas sales but ultimately it is a case of running the figures in QB and then using a spreadsheet to calculate the margin and put in an adjustment.

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Replying to bendybod:
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By FactChecker
27th Jun 2024 13:51

... another (perfectly valid) example that blows a hole through the HMRC vision of 'everything digital' with no human intervention!

Digital will only be 'the answer' when it can do everything (always) that a human can do = not in my lifetime (or probably the next generation or two).

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