BTCSoftware has released an update for the BTCHub MTD for VAT Excel template. The updates are:
Flat Rate Scheme – this capability has been added
Trading abroad – the workbook now recognizes the different treatments for supplies and acquisitions of goods or services to and from overseas
Trading with EC Member States – improvements have been made to the reporting of amounts in the VAT Return when dealing with transactions with other EC Member States. This removes the need to adjust or alter formulas in the template
Bad debt relief – a new section now provides the ability to claim bad debt relief
During the soft-landing period, HMRC has said they will apply a light-touch approach to record keeping penalties in the first year of MTD for VAT where businesses have made a genuine effort to comply with their obligations. Under these circumstances, now is an ideal time for you to review prior returns and, if necessary, make any corrections via the normal HMRC methods, e.g. via a subsequent VAT return or by voluntary disclosure.
For businesses submitting VAT returns that include international transactions, particularly with other EC Member States, it is important to recognise that procedures for such transactions vary according to whether the supplies are for good or services. Appropriate care must be taken when recording these transactions on VAT returns, and BTCSoftware recommend that customers check any international transactions have been dealt with correctly on recently submitted VAT returns.
The spreadsheet template is part of BTCHub, a bridging solution, which works alongside Excel or your bookkeeping package to submit Making Tax Digital compliant returns to HMRC. To find out more, you can call the BTCSoftware team on 0345 241 5030 or email [email protected]