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?
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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.
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.
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.
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.