As you are probably aware, HMRC are changing the method used to file VAT returns. This is part of HMRC’s Making Tax Digital (MTD) strategy.
For VAT return periods commencing on or after 01 April 2019, most businesses will no longer be able to enter the VAT return totals directly onto HMRC’s web site. Instead, VAT return totals must be transmitted directly from the accounting software used by the business or from bridging software. Bridging software products digitally import the VAT return totals from accounting software and transmit them to HMRC.
In a change of policy, VT will be implementing MTD directly into VT Transaction+ and VT Cash Book (instead of relying on third party bridging software). This feature will be available by the time the first quarterly VAT returns need to be filed under MTD in July 2019.
VT will also be developing an Excel based bridging product for use with VAT groups and other situations where the VAT return cannot be transmitted directly from VT Transaction+.
To keep up to date with MTD, please visit VT’s website at www.vtsoftware.co.uk/mtd.
The VT Accounts suite will continue to include VT Transaction+. The price of a VT Accounts subscription will remain at £150 + VAT per annum. A premium will no longer be charged in the first year of purchase. A VT Accounts license will be required to use the MTD features in VT Transaction+ as an agent.
For VT Transaction+ only users, the next release of VT Transaction+ will require an annual license key. The cost of a license key will be £75 + VAT per annum, including support. The new price will apply from 1 February 2019. All existing keys will continue to be valid in the current version indefinitely and in the new version until 30 June 2020. Users without a valid key will still be able to read data but they will not be able to enter new transactions.
VT Cash Book will remain free except that a VT Accounts or VT Transaction+ license key will be required for the MTD features.