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VT and MTD

April 2018

I was on a tax course yesterday where I was told that from April 2018 all businesses above the VAT threshold will have to submit VAT returns electronically  i.e without manually inputting  the figures onto the HMRC website.  I use VT for my smaller VAT reg clients and manually input the figures.  Has any one else come across this, if so , do you know if VT are planning to link with HMRC or do I need to start moving these clients to Xero? If so, Id rather start this early in 2018 than wait until the end of Q1.

 

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19th Sep 2017 09:48

There's a button on VT on the top tool bar, which doesn't work yet. It'll submit stuff to HMRC in 2019.

Apparently.

Don't know why you were told 2018. I'd be disappointed with that.

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By mabzden
19th Sep 2017 09:54

The way VAT Returns are being submitted is changing in April 2019 (not 2018). Is that what you mean?

It remains to be seen whether you'll still be able to submit the VAT figures using the HMRC portal. If I were a betting man I would wager that you will be.

I don't know VT's plans, or Xero's for that matter. But you have plenty of time to find out.

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19th Sep 2017 09:58

VT are going to be the "goto" software on this one i imagine given the easy excel entry, so its well placed to be a good buffer between client entries and HRMC's rules of submission.

Ie key summary client data into VT, press the magic button, up the pipes to HMRC. All nice and compliant (*coughs*) and the client completely unaware of what you did.

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By thomas
19th Sep 2017 09:59

Sorry my notes do say 2018 - my mistake. Panic over!

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By jilbo
19th Oct 2017 16:51

This was on their news page:

Making tax digital
VT have decided to do no further development work on VT's bookkeeping package, VT Transaction+. The government plans that all VAT returns for businesses with a turnover over the VAT registration threshold must be submitted via MTD from April 2019. As a consequence, VT Transaction+ will no longer be suitable for these businesses. VT Transaction+ and all the company's other products will still otherwise be supported and maintained.

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to jilbo
19th Oct 2017 17:20

Yes - they made that announcement at the beginning of October.

See the other threads on the subject.

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