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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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
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.
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!
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
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/