VT - MTD update

Not a Q, just putting it out there in case you havent yet had your email/for those not yet using VT

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Email in from VT this morning

''We are pleased to announce that we have completed our work on implementing MTD for VAT into VT Transaction+ and VT Cash Book.
We have recently demonstrated the software to HMRC and have been given permission to commence live testing.
We are confident that we will have the software ready for general download by 15 May 2019.
We would like to emphasise that MTD is only mandatory for VAT periods commencing on or after 1 April 2019''

Replies (7)

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By skillig
26th Mar 2019 11:17

Hi,
I currently don't use VT but am looking at what software to use in order to "future-proof" my business over the coming years. I have looked at it previously and was considering VT plus BTC. My main concern is that VT does not offer bank feeds which I think would be a huge time saver in certain circumstances. Am I correct in thinking this? Other solutions to consider?
Thanks & regards

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Replying to skillig:
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By Matrix
26th Mar 2019 12:20

The universal input sheet works similarly to a bank feed and VT remembers where you last booked each transaction so it is very quick. I don’t know if I would let a client loose on it though so if you are looking for bank feeds and the client does their own bookkeeping then maybe a cloud option would be better.

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Replying to Matrix:
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By Cheshire
26th Mar 2019 13:08

Agree on the letting clients loose bit - its far far to easy to delete something and no audit trail.

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Replying to Cheshire:
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By vtsoftware
26th Mar 2019 13:53

There are several protections against accidental deletion:
* An entry in a saved VAT return or bank reconciliation cannot be edited or deleted.
* Previous periods can be locked with a password to prevent any further editing or entries to periods before the date specified (File>Lock Previous Periods).
* All editing/deleting can be prevented with a password (Set Up>Passwords).

There is an audit trail in VT Transaction+/VT Cash Book (Display>Ledgers Report) but you are correct in that it does not include deleted transactions or the history of edited transactions. That was done on the grounds of simplicity. It has not usually been a problem, and some have said they prefer it that way!

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Replying to vtsoftware:
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By Cheshire
26th Mar 2019 15:11

Thank you for the useful info VT.

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By stig247
26th Mar 2019 18:38

Brilliant news.

Hope it goes live before i have to file a clients vat return who is on monthly returns

Aprils return will be due 7th june

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Replying to stig247:
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By [email protected]
02nd Apr 2019 16:02

Check us out if it's not! We've been busy implementing free solutions for VT for a while now - https://www.datadear.com/hmrc-vat-return-making-tax-digital/

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