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Microsoft Excel HMRC Approved ITSA MTD Software Required
Many micro-businesses do their bookkeeping in Microsoft Excel or some other spreadsheet software. There is good reason for this: if a business is small and requires only tax compliance bookkeeping, then online or desktop bookkeeping software often takes too long to get to know and too long to enter or review figures. Additionally, online bookkeeping software can take large chunks out of accountancy firms' profit margins. Why spend hours setting up charts of accounts, getting to know new software, spending an age doing bills, reconciling online data-feed bank transactions one-by-one, scanning and reviewing imported OCR expense data, when often it's quicker and easier to just knock up a quick spreadsheet. This is particularly true of the sole trader, and property rental business owners coming into ITSA MTD from April 2023. They just need to list out and tot up their income and expenses (digitally) using HMRC's categories. This is the type of client that we aim to help by developing a spreadsheet-based MTD ITSA offering that is sadly lacking in the market.
We recognise that there are a considerable number of businesses and accountancy firms for whom spreadsheet bookkeeping is working perfectly fine without having to invest time and money in more complicated software.
Putting the Final Touches to Our MTD Income Tax Filer
We are expecting our ITSA MTD Excel product to be ready for use over the next few months, and seek to get HMRC approval. We shall be putting up videos showing how it works and updating businesses and accountants as we progress with what we are doing.
How the 123 Sheets offering works
Essentially, there will be two choices with us:
we provide an ITSA MTD compatible Excel spreadsheet for the business or accountants to enter data into. This will generate a PDF Report of the figures required for ITSA MTD submission. That PDF is then uploaded via our website, and the summary figures submitted to HMRC via their ITSA Making Tax Digital API, or;
The business or the accountant continues to use their own existing spreadsheets for sole traders and property rental investors. We supply an extra worksheet to insert into the bookkeeping spreadsheet, mapping across totals to our worksheet. That spreadsheet is then uploaded to our website, for filing summary totals to HMRC via their ITSA Making Tax Digital API.
Receive Updates on Our Progress
If you would like to receive updates on the 123 Sheets ITSA Making Tax Digital service for Excel users, please leave your e-mail address using the following link: mtd excel spreadsheet
123 Sheets is HMRC approved software for spreadsheet record-keeping and governmental filing for making tax digital. Many business owners and managers prefer the rapid-entry, customisable format of spreadsheets to do their bookkeeping or prepare their VAT or Tax returns. We assist users to remain digitally compliant with HMRCs MTD.