Will VTT+ record the data required for MTD?

Not looking at the submission here

Didn't find your answer?

There are many threads on here about how we are going to link VTT+ to MTD but are we overlooking something?

Have a look here:-

https://www.gov.uk/government/consultations/making-tax-digital-reforms-a...

at the "Other Information" section where it says the record keeping requirement under MTD will require  "Inputs value for the period split between standard rate, reduced rate, zero rate, exempt and outside the scope inputs.".

Anyone worked out how VTT+ will give those totals?

Replies (9)

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By Wanderer
07th Jun 2018 23:43

Mmm okay that was a consultation document and it looks like it has been dropped as looking at the legislation:-
http://www.legislation.gov.uk/uksi/2018/261/regulation/7/made

I can only see the requirement for that breakdown for outputs, not for inputs.

Will still have to give some thought on how to achieve that on the sales side for some of my clients.

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Replying to Wanderer:
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By Matrix
07th Jun 2018 23:43

I hope you are right since, in light of the other threads, I just told my client (who got me onto VT when I started out) that they can continue to use VT.

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By kazpry
08th Jun 2018 12:03

I believe that VT announced in October that they were stopping development of VTT+ because of MTD. I do not know if this will affect you. Perhaps you should ask VT.

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Replying to kazpry:
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By cbp99
08th Jun 2018 13:53

kazpry wrote:

I believe that VT announced in October that they were stopping development of VTT+ because of MTD. I do not know if this will affect you. Perhaps you should ask VT.


It won't stop VT being used for MTD. There is a new MTD Export button which will copy the necessary data for pasting into MTD compatible software.
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Replying to cbp99:
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By Wanderer
08th Jun 2018 13:58

cbp99 wrote:
It won't stop VT being used for MTD. There is a new MTD Export button which will copy the necessary data for pasting into MTD compatible software.
This is actually a slightly different issue, it is part of the underlying requirements for the records, not for the submission.
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Replying to kazpry:
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By Wanderer
08th Jun 2018 13:55

The requirement for the outputs analysis will affect everyone in MTD - it's in the legislation.

Luckily since posting the above I've found there's an option in VTT+ to set up 'Custom Transaction Types' which can be set up to flow through perfectly to the VAT return screens and give the breakdown that will be required under MTD.

Custom Transaction Types are not something that I've ever used before despite using VTT+ for years. Just shows what an amazing product VTT+ is. They've built in a solution to a problem years before anybody knew that the problem would exist!

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By cbp99
08th Jun 2018 13:50

The VT Vat report shows, for each item, Net/Vat/Percent rate. This therefore gives standard and reduced rate.
It does not distinguish zero rated and exempt. If this were required for sales, I think the way to achieve this would be to have a separate sales line in the Income ledger (which would take a moment to set up).
Out of the scope is determined according to the type of account, eg by default, wages in VT are outside the scope and omitted from Vat returns.

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Replying to cbp99:
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By Wanderer
08th Jun 2018 13:56

See my post above which I was typing whilst you posted.

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Replying to Wanderer:
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By cbp99
08th Jun 2018 14:02

Noted Wanderer, and like you I have never used custom transaction types.

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