When TaxCalc MTD was unveiled at Accountex, we reassured the accounting community that our MTD strategy would accommodate spreadsheet users to record transactions for compilation into an online quarterly submission for HMRC.
Following further announcements from HMRC regarding VAT compliance, we can confirm that our VAT Filer solution will also be ready for the submission of VAT returns under MTD.
Here’s how it will work:
The accountant sets up a spreadsheet to capture information however they choose.
TaxCalc will provide an import sheet that is added to the accountant’s spreadsheet.
The accountant links cells in their recordkeeping sheet to the import sheet.
Reporting Income Tax under MTD
TaxCalc MTD Business Tax will import the data from the sheet and compile a submission to HMRC.
Reporting VAT under MTD
TaxCalc VAT Filer module will be updated to import the data from the sheet to form a submission.
Multi-source data import capability
Both TaxCalc MTD Business Tax and TaxCalc VAT Filer will be given the capability to import data from a variety of sources, such as Xero and Quickbooks, to enable a single submission channel to HMRC.
A Cloud-based MTD solution
TaxCalc Cashbook is an entirely new Cloud product under development that is designed for accountants and clients to capture records in a familiar manner and submit these to HMRC either directly or, if the practitioner wishes, through TaxCalc MTD Business Tax.
Other benefits of TaxCalc at a glance
Easy to install and migrate contacts and data
Integration and sharing of data between the application modules
Simple Step intuitive workflows, easy to learn, easy to use
Check & Finish minimises mistakes with error checking built in
Exceptional levels of customer support
Works with PC, Mac, Linux
This post is taken from the TaxCalc Blog. Please visit our MTD page for the latest developments.