Why Apply for an MTD for VAT Extension? Sign Up to BTCHub Instead!
28th Oct 2019
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You may have seen HM Revenue and Customs’ recent announcement that some businesses may qualify for an extended Making Tax Digital for VAT soft landing period. Businesses with legacy IT systems can apply for additional time to prepare for MTD for VAT and find MTD products, but getting an extension isn’t guaranteed.
BTCHub is designed to handle exports from multiple systems to fulfill your MTD for VAT obligations without requiring you to make expensive updates to your bookkeeping processes. So, don’t worry about applying for an extension and instead take the low-stress route with BTCHub.
BTCSoftware's MTD for VAT solution is a web browser-based solution that allows you to export your VAT data from bookkeeping software and import it to BTCHub, making it easy to be Making Tax Digital compliant. It works with Sage, QuickBooks, VT Software, Microsoft Excel, and handles CSV files exported from other systems.
For businesses with legacy systems, your CSV exports from your software package are simply imported into BTCHub to fill out your VAT Return. Then, once you’re happy with the information, click Submit to send the VAT Return to HMRC. Because your data has not been manually transferred between systems, the VAT Return is compliant with MTD for VAT rules.
BTCSoftware also recently released their exciting Group VAT update, allowing you to import multiple files with VAT data to BTCHub to build up a consolidated VAT return. Designed to make it easy for a group of companies or entities to generate their MTD for VAT return, the Group VAT feature also allows you to import data from several bookkeeping and legacy sales systems.
The video below demonstrates using Sage to export VAT data to BTCHub. The same principle works for any CSV file import to build your Tax Return.